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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 news analyst, Mahmud Jega, has shared his opinion on the recent airstrike carried out by the United States in Nigeria, stating that Nigerians should not blame President Bola Tinubu for the incident.
Jega made this statement during a recent interview, where he said he does not believe many people will hold the Tinubu administration responsible, as Donald Trump had issued threats against Nigeria long before Tinubu’s administration.
“No, I don’t think many people will blame the Tinubu administration for what is happening now because President Donald Trump, when he first made the threats, it was clearly not in coordination with the Tinubu administration or the government of Nigeria,” Jega said.
It has been reported that the United States carried out an airstrike targeting ISIS in the northwest region of Nigeria. The order was reportedly given by former U.S. President Donald Trump.
“Tonight, at my direction as Commander in Chief, the United States launched a powerful and deadly strike against ISIS terrorist elements in northwest Nigeria,” Trump said.
He added, “I have previously warned these terrorists that if they did not stop the slaughtering of Christians, there would be hell to pay, and tonight, there was.”
The Federal Government of Nigeria has officially declared the holiday dates for the festive season.
Thursday, December 25 will be observed as Christmas Day, December 26 as Boxing Day, and Thursday, January 1 as New Year’s Day.
The declaration was made by the Permanent Secretary of the Ministry of Interior, Dr. Magdalene Ajani. He also added that Nigerians should celebrate the holidays in faith and pray for the nation.
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