The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has voiced strong opposition to Nigeria's current national minimum wage of N70,000, labeling it grossly inadequate for meeting the basic needs of workers. This declaration was made during the union's observance of the 2026 World Day for Decent Work held in Lagos on October 7.

ASSBIFI's acting president, Fanimokun Adesina, emphasized that the minimum wage fails to cover essential household expenses, stating that it is insufficient to buy even a bag of rice or pay monthly rent for an average family. He described the situation as a "poverty sentence" for many workers and their families, urging the government to take immediate action to address the escalating cost of living.

Adesina articulated the harsh realities faced by Nigerian families, asserting that the current wage structure is tantamount to slavery. "A situation whereby the national minimum wage cannot buy a bag of rice is absurd; a situation whereby the national minimum wage cannot pay monthly house rent for an average family of six is absurd," he stated, highlighting the dire circumstances many workers find themselves in.

The union's call for change extends beyond merely increasing wages. ASSBIFI is advocating for comprehensive policies from the Federal Government aimed at alleviating the financial burdens faced by workers in critical areas such as food prices, transportation, healthcare, housing, and education. Adesina stressed that workers deserve wages that not only support their families but also ensure a dignified standard of living.

The urgency of ASSBIFI's message reflects the growing frustration among workers in Nigeria as they struggle to cope with rising costs of living. The union's demands resonate with many who feel that the current wage does not reflect the realities of daily life in the country.

As the government grapples with these pressing issues, the call for a reassessment of the minimum wage and broader economic policies is likely to gain momentum, as workers seek to secure their rights and improve their living conditions.