News
Kenneth Okonkwo Claims N30,000 Minimum Wage Was More Valuable Than Current N70,000
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.
LeBron James, the NBA’s all-time leading scorer and Los Angeles Lakers star, has announced a temporary break from social media.
The 39-year-old made the announcement on X (formerly Twitter) and Instagram after sharing a post by Rich Kleiman, agent to NBA star Kevin Durant, criticizing the media’s focus on negativity.
Kleiman wrote, “With so much hate and negativity in the world today, it confuses me why some of the national sports media still think that the best way to cover sports is through negative takes… I, for one, find it all a waste of breath.” James shared the post, adding a simple comment: “AMEN!!”
In a follow-up post, James confirmed his social media hiatus, writing, “And with that said, I’ll holla at y’all! Getting off social media for the time being. Y’all take care.”
James, known for his strong presence on and off the court, is taking this break amidst ongoing discussions about the role of media in shaping public perceptions of athletes.
Lagos State Governor, Sanwo-Olu presents 3 Trillion Naira as the budget for the proposed Appropriation Bill for 2025 to the house of assembly. The assembly meeting was led by Speaker, Mudashiru Obasa. The budget is themed Budget of Sustainability and will be a blue print for the commitment to Lagosians.
The ceremony was held in the state house, Alausa, Lagos. With this proposed bill the state government is focusing on environment, education, technology, security and public safety.
Former Petroleum Minister Diezani Alison-Madueke has filed a motion to amend her lawsuit challenging the Economic and Financial Crimes Commission’s (EFCC) order for the final forfeiture of her seized assets.
At a Federal High Court hearing in Abuja presided over by Justice Inyang Ekwo, Alison-Madueke’s counsel confirmed filing the amendment motion and serving the EFCC. Notably, no EFCC representatives appeared in court.
The embattled ex-minister also sought an extension of time to contest the EFCC’s public notice regarding the sale of her confiscated properties, claiming she was denied a fair hearing during the forfeiture proceedings.
The EFCC, however, rejected Alison-Madueke’s allegations, maintaining that the forfeiture cases were lawfully adjudicated over time.
Justice Ekwo adjourned the case to February 17, 2025, to consider the motion to amend the originating process.
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