Kenneth Okonkwo asserts that the N30,000 minimum wage was more beneficial than the current N70,000. Learn about his arguments and viewpoints.
Kenneth Okonkwo, a veteran Nollywood actor and politician, expressed his opinion that the former minimum wage of N30,000 held more worth compared to the current benchmark of N70,000.
As per Obasanjonews.com’s report, President Bola Tinubu has given his consent to the N70,000 minimum wage after reaching an understanding with the combined labor unions.
Okonkwo argued on the “Mic On” podcast that the increase is not a true representation of current circumstances.
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According to him, the previous minimum wage of N30,000 was worth more than the present one which is at N70,000.
According to him, the N30,000 minimum wage that was in place before this administration held more worth compared to the current minimum wage of N70,000. This is because when this government came into power, one dollar exchanged for only N500 while currently it has skyrocketed to as much as N1,500 and at a point even reached up to N2,000. He suggests doing calculations based on these numbers.
“What’s the subject at hand? In times past, with a $500 to Naira exchange rate, minimum wage was set at $60; as of recent which is approximately an exchange rate of 1 dollar to NGN1500 , it should be around $45 each month. Yet still representing depreciation in value. What then have they actually accomplished?”
