ASSBIFI Calls for Minimum Wage Increase Amid Rising Costs

On October 7, during the commemoration of the 2026 World Day for Decent Work in Lagos, the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) declared that Nigeria's N70,000 minimum wage is inadequate for workers to live with dignity. Acting National President Fanimokun Adesina stated that this wage is effectively a "poverty sentence" for workers and their families, as it cannot cover basic household expenses such as food and rent.

Adesina described the situation as "absurd," emphasizing that the wage fails to meet essential daily needs. He urged the government to implement policies that alleviate financial burdens on workers, addressing key areas like food prices, transportation, healthcare, and housing.

Additionally, Festus Osifo, president of the Trade Union Congress (TUC), mentioned that organized labor is advocating for an annual increase in wages and that discussions are ongoing with the Nigeria Labour Congress (NLC) regarding this issue.