N30,000 minimum wage had more value than current N70,000 minimum wage – Kenneth Okonkwo
Veteran Nollywood actor and politician, Kenneth Okonkwo, has contended that the previous N30,000 minimum wage held more value than the current N70,000 minimum wage benchmark
President Bola Tinubu recently approved the N70,000 minimum wage following an agreement with joint labor unions.
Speaking on the ‘Mic On’ podcast, Okonkwo argued that the increase does not align with the current economic reality. He asserted that the former N30,000 minimum wage was actually more valuable than the current N70,000.
He said, “The N30,000 minimum wage people were earning before this government came in was of greater value than current N70,000 minimum wage. 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.
“So what are we talking about? 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?”