The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has described Nigeria’s N70,000 national minimum wage as inadequate to guarantee a decent standard of living for workers, urging the Federal Government to urgently address the rising cost of living.

The union made its position known on Wednesday in Lagos during its commemoration of the 2026 World Day for Decent Work, where it called for improved wages, better social protection and policies capable of enhancing workers’ welfare.

Acting National President of ASSBIFI, Fanimokun Adesina, said Nigerian workers deserved living wages that could support their families and guarantee a dignified standard of living.

“We demand an end to indecent work. The worker deserves living wages, not the N70,000 stipend that does not take the worker to the bus stop,” Adesina said.

He described as absurd a situation where the national minimum wage could neither purchase a bag of rice nor cover the monthly rent of an average family.

According to him, the inability of workers to afford basic necessities, including food and accommodation, reflects the difficult economic conditions facing Nigerian households.

Adesina further argued that a minimum wage that could not provide three square meals for an average family of four for two weeks amounted to an unacceptable situation, insisting that workers deserved to be treated with dignity.

He called on the Federal Government to introduce urgent measures to ease the financial pressure on workers, particularly by reducing the costs of food, transportation, healthcare, housing and education. He also stressed the need to improve national security.

Meanwhile, the Federal Ministry of Labour and Employment has disclosed plans to push for a review of relevant labour laws to reflect changing workplace practices, particularly in the banking and insurance sectors.

The ministry’s Zonal Director for the Southwest and State Controller, Mrs Mienye Badejo, disclosed this in a goodwill message delivered at the ASSBIFI event through a ministry official, Mrs Franca Shaabu.

Badejo said technological advancements and evolving employment practices had continued to reshape the workplace, making it necessary to update existing labour laws to accommodate emerging work arrangements.

She assured stakeholders that the ministry would continue to engage relevant parties and advocate a review of existing legislation to make it more compatible with hybrid and flexible working arrangements.