Minimum Wage: Fresh Headache for Federal Government as Labour Revolts Again Over N70,000 Pay

• ASSBIFI declared the N70,000 national minimum wage grossly inadequate during its 2026 World Day for Decent Work event in Lagos
• The union's acting president said the wage cannot buy a bag of rice, cover monthly rent, or feed an average Nigerian family for two weeks
• ASSBIFI called on the Federal Government to urgently address the cost of food, transport, housing, healthcare, and education

Legit.ng journalist Ridwan Adeola Yusuf has over nine years of experience covering politics, elections, public affairs, and governance in Nigeria and Africa.

FCT, Abuja - The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has declared that Nigeria's N70,000 national minimum wage falls far short of what workers need to live with dignity, saying the amount cannot cover even the most basic household expenses.

As reported by Vanguard, the union made the remarks on Wednesday, October 7, in Lagos during its commemoration of the 2026 World Day for Decent Work, where it urged the Federal Government to take immediate action on the worsening cost of living facing Nigerian workers.

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Labour rejects N70,000 minimum wage

Acting National President of ASSBIFI, Fanimokun Adesina, said the current minimum wage was effectively a poverty sentence for workers and their families.

"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. We demand wages that enhance living standards and social protection that guarantees dignity and after-work survival," he said.

Adesina went further, describing as "absurd" the reality that the minimum wage cannot stretch to purchase a bag of rice or cover the monthly rent of an ordinary household.

He said:

"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. A situation where the national minimum wage cannot provide three square meals for an average Nigerian family of four for two weeks is nothing but slavery.

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"Workers are not slaves; we must be treated with the dignity that decent work reflects."

Labour wants relief beyond wages

Beyond wages, Adesina called on the Federal Government to introduce policies that ease the financial burden on workers across several key areas, including food prices, transportation, healthcare, housing, education, and national security.

He stressed that workers deserve wages capable of supporting their families and guaranteeing a dignified standard of living, not a token amount that fails to meet the most essential daily needs.

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TUC pushes periodic minimum wage hikes

Earlier, Legit.ng reported that Festus Osifo, president of the Trade Union Congress (TUC), said that organised labour is pushing for an annual increase in the national minimum wage paid to workers in Nigeria.

The TUC boss stated that members of the organisation, as well as their colleagues in the Nigeria Labour Congress (NLC), have begun talks on the issue.

Source: Legit.ng