‘N30,000 MINIMUM WAGE WAS OF GREATER VALUE THAN CURRENT N70,000 MINIMUM WAGE’ – KENNETH OKONKWO

August 3, 2024

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Veteran Nollywood actor and politician, Kenneth Okonkwo, has opined that the former N30,000 minimum wage was of greater value than the current N70,000 minimum wage benchmark.

Recall that President Bola Tinubu recently assented to the N70,000 minimum wage following an agreement with joint labour unions.

Appearing on the ‘Mic On’ podcast, Okonkwo insisted that the increment does not reflect current reality.

He maintained that the former N30,000 minimum wage was more valuable than the current N70,000 minimum wage.

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?”