The National President of Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI), has called on the Federal Government to ensure that there policy stability, saying that this is the path to quick economic recovery from the effects of COVID- 19 as well as to build an economy of shared prosperity and sustainability.
Speaking with journalists in her ikeja office in Lagos, the President of ASSBIFI, Comrade Oyinkan Olasanoye, urged the Federal Government to, as a matter of urgency carry out some bold reforms, robust fiscal and monetary policy actions to reduce the number of Nigerians who may be pushed into poverty and acts of criminality.
She said that it is pertinent to point out that the financing of the economic recovery by the Federal Government must not be at the expense and detriment of the workers and society, but should be a recovery strategy that builds resilience and align people and planet with the economy and complies with national and International Labour Standards, Laws, Treaties and Conventions.
“To enhance recovery we must build a social contract involving the tripartite, Government, Employers and Workers on how best to withstand the aftermath of the pandemic using the contract as a foundation,” She said.
Speaking on the possiblity of job cut in the financial sector, Olasanoye said the union has met with the employers of labour and both has agreed not to lay off.
” We have met with the employers of labour and they have agreed with us that there will not be lay off.
” We know that there is no way that what is happening will not affect the financial sectors. So, what we agreed was that if they need to make any adjustments, then there may be salary cut. But of of course that will come as the last option,” she said.
Speaking on the effect of Covid-19 on the sector, Olasanoye said the sector has lost trillion of naira .
She said: ” The sector lost trillion of naira because most of the institute took loan before the Covid. And as at the time they took loan, the exchange was not as high as it is today.. So, the sector has lost a lost, but we are recovering. This is not the first time that this sector will face things like this. We will survive it “