The Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASSBIFI) has said that the recent increment in fuel price has effectively eroded the anticipated benefits of the Federal Government’s promised N70,000 minimum wage for workers.

President of ASSBIFI, Olusoji Oluwole, who raised concerns over the adverse impact of the fuel price hike on workers’ earnings, highlighted the staggering contrast in fuel costs.

Pointing out that workers are now in an even worse financial position, he explained that the initial minimum wage was already insufficient, with similar price increases occurring over the past year.

He said: “When you consider that we move from buying fuel from N620 to over N1,000 depending on where you are buying it from, the fuel increase will have a ripple effect on transportation and other areas as well. What happened is that you have taken back more than what you have given back to the workers – the N70,000 minimum wage.”

As the fuel hike continues to pose challenges for workers across Nigeria, the ASSBIFI boss said it remains to be seen how the government and organisations would timely respond to address the implementation of the new minimum wage.

However, to alleviate the financial burden on workers caused by fuel price hikes, Oluwole urged more companies to embrace remote work, pointing out a silver lining in the form of work to tackle the situation.

“The COVID-19 pandemic, while devastating, has taught economies that work can be done differently. Some organisations have continued to offer remote work opportunities, while others have reintroduced it in light of the ongoing situation,” he said.