By Trade FM
Former President of the Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), Olusoji Oluwole, has called for a comprehensive review of Nigeria’s minimum wage framework, urging the Federal Government to prioritise rising living costs and access to essential public services over repeated wage increases.
Speaking during an interview on Trade FM, Oluwole said persistent inflation, rising fuel prices and the increasing cost of transportation, healthcare, education and housing had significantly eroded workers’ purchasing power, leaving many Nigerians struggling to meet their basic needs despite previous wage adjustments.
He noted that the financial pressure was not limited to minimum wage earners, as workers on relatively higher salaries were also experiencing growing economic hardship.
Oluwole argued that future minimum wage negotiations should be guided by measurable economic indicators, including inflation, the cost of living, affordability and the availability of essential social services, rather than negotiations centred solely on proposed wage figures.
He said a sustainable framework would help determine appropriate wage adjustments while ensuring that workers retained a reasonable proportion of their earnings after meeting essential expenses.
On the disagreements surrounding fresh minimum wage negotiations and interim support measures, the former ASSBIFI president urged organised labour to present a united position, while calling for greater consultation among the Federal Government, state governments, local governments and the organised private sector.
He expressed concern that temporary financial interventions could provide only short-term relief if the underlying economic challenges remained unresolved.
Oluwole also questioned the effectiveness of proposed transport support, warning that additional payments could be undermined by rising transport fares and differences in commuting costs across locations. He explained that the adequacy of any allowance would depend on workers’ individual circumstances, including where they live and work.
According to him, improving public transportation, healthcare, education and affordable housing would reduce the financial burden on workers and make existing wages more meaningful.
He maintained that functional public hospitals, reliable public schools, accessible housing schemes and efficient transport systems would enable employees to spend less of their income on services that should be adequately provided or supported by government.
The former ASSBIFI president further called for the Labour Consultative Council, which brings together government representatives, organised labour and the organised private sector, to resume regular meetings.
He observed that the platform provides an opportunity for stakeholders to discuss workers’ welfare, agree on practical measures and establish a coordinated approach to wage-related challenges. He expressed concern that the council had not met regularly, arguing that the absence of sustained consultation had contributed to reactive responses to economic pressures.
On implementation and compliance, Oluwole said existing monitoring and enforcement mechanisms needed to function effectively, with greater attention given to confirming whether workers actually received agreed wage adjustments and benefits.
He acknowledged, however, that enforcement across the different levels of government could be complicated by their respective responsibilities and financial capacities. He called for clearer accountability and better prioritisation of public resources to support implementation.
Oluwole concluded that addressing Nigeria’s minimum wage challenge requires more than increasing salaries or introducing temporary allowances. He stressed that tackling inflation, reducing the cost of essential services and strengthening collaboration among government, labour and employers would be critical to improving workers’ welfare and sustaining their purchasing power.
