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.
Nigerians reacts to President Tinubu trip to UK and lament that the timing is just bad. The timing of the trip and the arising crises occurring in the country.
It can be noted that the President, his wife and some other officials followed him on the trip.
And the public has shouted that we need the officials here in the country in the crises, asking who will help to manage the state of things as they are all going at once.
People shared their displeasure with a large crowd following the president to another country and leaving Nigeria in this state.
Federal Government in Nigeria has declared March 19th and 20th as public holidays for the end of Ramadan.
This was revealed by the Minister of Interior, Olubunmi Tunji-Ojo. He made this announcement on behalf of the Federal Government.
He wished Muslims a joyful Eid al-Fitr celebration.
It has been reported that President Bola Ahmed Tinubu has departed to London.
The Nigerian leader is travelling ahead of a state visit to the United Kingdom. The purpose of this visit is to strengthen bilateral relations and explore avenues for collaboration on issues such as immigration, trade, investment, and cultural exchange.
Amid this travel, the fuel prices still remain increased and many of the public are still there.
Nigerians react to the news, stating that he is leaving Nigerians once again to suffer with the current state of things before he returns.
They are calling out for him to do something and change about the fuel.
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