“N30,000 Minimum Wage Was More Valuable Than N70,000 Today” – Kenneth Okonkwo (Video)

Veteran Nollywood actor and politician Kenneth Okonkwo has claimed that the previous N30,000 minimum wage had greater value than the current N70,000 minimum wage.

This comes after President Bola Tinubu recently approved the N70,000 minimum wage following negotiations with joint labor unions.

Speaking on the ‘Mic On’ podcast, Okonkwo stated that the wage increase does not accurately reflect the current economic situation.

“The N30,000 minimum wage people were earning before this government came in was of greater value than the current N70,000 minimum wage,” he stated. “Because you had N500 to a dollar when this government came in, but now it’s N1,500. It went to N2,000 at a point. Do the mathematics.”

Okonkwo pointed out the disparity in value: “When it was N500 per dollar, the minimum wage was $60. Now that the exchange rate is N1,500, it should be about $45 per month. And see that it’s of less value. So what can they say that they have achieved?”

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