Kenneth Okonkwo, the well-known Nollywood actor and politician, has argued that the previous minimum wage of N30,000 was more valuable than the current N70,000 benchmark.

Okonkwo expressed his views during an appearance on the ‘Mic On’ podcast, highlighting his concerns about the real value of wages in the face of significant economic changes.

Fire9ja reports that President Bola Ahmed Tinubu has recently approved a new minimum wage of N70,000 after reaching an agreement with labor unions.

According to Okonkwo, the value of the previous N30,000 minimum wage has depreciated compared to the new N70,000 wage.

He explained that when the N30,000 wage was in place, the exchange rate was approximately N500 to one US dollar.

However, with the current exchange rate soaring to N1,500 to one dollar, the real value of the new N70,000 minimum wage has diminished considerably.

Okonkwo pointed out that while the former minimum wage translated to about $60 per month when the rate was N500 to a dollar, the current wage of N70,000 now equates to approximately $45 per month at the current exchange rate.

This stark difference demonstrates that despite the nominal increase in the minimum wage, its purchasing power has actually decreased due to inflation and currency devaluation.

Okonkwo questioned the effectiveness of the recent wage adjustment, suggesting that it fails to address the real economic challenges faced by workers.