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Kenneth Okonkwo Claims N30,000 Minimum Wage Was More Valuable Than Current N70,000

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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.

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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.


 

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Trump Says He’s Buying a Tesla to Show Support for Elon Musk and His Company

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President Donald Trump has announced plans to purchase a new Tesla vehicle to demonstrate his support for Elon Musk amid recent boycotts and a significant drop in Tesla’s stock value.

On his Truth Social platform, Trump praised Musk’s contributions to the nation and criticized efforts to harm the entrepreneur and his company. He stated, “I’m going to buy a brand new Tesla tomorrow morning as a show of confidence and support for Elon Musk, a truly great American.”

In response, Musk expressed gratitude to the president on his social media platform, X. Musk currently leads the Department of Government Efficiency (DOGE) under the Trump administration, focusing on reducing federal spending and workforce.

This initiative has caused protests and boycotts targeting Tesla, with incidents of vandalism reported at dealerships and charging stations.

Tesla’s market value has declined sharply, with shares dropping over 15% recently, influenced by Musk’s political involvement and its impact on consumer sentiment. Despite these challenges, Trump continues to voice strong support for Musk’s efforts to “Make America Great Again.”

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Trump says Tariffs Will Make Us Richer and Create More Jobs

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Former U.S. President Donald Trump has predicted that the country will become extremely wealthy through tariffs.

Trump stated that the U.S. is set to gain hundreds of billions of dollars from tariffs soon. He believes the move will encourage companies and factories to return to the U.S., creating more jobs.

Speaking with FOX Business’ Maria Bartiromo on Air Force One on Sunday evening, Trump responded to concerns about a possible recession. He admitted there’s always hesitation but remained confident about the benefits of the tariffs.

“All I know is we’re going to make hundreds of billions of dollars from tariffs, and we’ll become so rich you won’t even know where to spend it all,” Trump said. “Just watch — there will be more jobs and open factories. It’s going to be great.”

Trump has recently placed tariffs on key trade partners, including Canada, Mexico, and China, as part of his economic strategy.

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Senator Akpabio Denies Sexual Harassment Allegations, Claims It As Baseless Accusations

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Senate President Godswill Akpabio denies sexual harassment allegations made against him by Senator Natasha Akpoti-Uduaghan.

Senator Akpabio claims that the allegations outburst served as Senator Natasha’s reaction to the change of Senate Seat. He stated that it was a way of her disagreeing with the new arrangements.

The Senator questions the timing of the allegations, he shared that such statements have never been made about him till now.

“It was only yesterday that I realized that these allegations arose after a change of seat and committee. That is when hell broke loose, and all sorts of accusations were made.”

He shares that none of the accusations have been proven and they are just baseless allegations.

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