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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.
Nigerian comedian Seyi Law takes to social media as he defends President Bola Tinubu. The comedian stated that the president has done a lot in his administration and claimed that Nigeria is safer and economically sound under his administration.
He then compared how things now to past years under the administration of others, and shared how things were bad. He claimed that now the economy is stabilized.
“Nigeria is safer now than 10 years ago. This government has killed more bandits than any government in Nigeria since the time of Jonathan. When last have you heard of bomb blast in Nigeria?”
It has been reported that fire occurred at the Murtala Muhammed International Airport, Lagos (MMIA), Terminal 1. This fire incident occurred on Monday, 23rd of February, 2026.
Passengers at that terminal were spotted running away for safety after seeing the fire and the alarm.
The Federal Airports Authority of Nigeria (FAAN) released a statement and shared that no life was lost and people were saved and avoided danger.
It has been reported that Kano State has closed down all entertainment spots across the state. This was stated to happen because of the ongoing Ramadan fast.
The federal government shared that the new law will take place from 18th of February, 10 pm, till the last day of Ramadan. This is in order for the people participating in it to truly focus on the fast.
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