Veteran Nollywood actor and politician Kenneth Okonkwo has claimed that the former N30,000 minimum wage had greater value than the current N70,000 minimum wage.
Speaking on the ‘Mic On’ podcast, Okonkwo argued that the recent increase to N70,000 does not accurately reflect the current economic reality.
He pointed out that when the government came into power, the exchange rate was N500 to a dollar, making the N30,000 minimum wage worth approximately $60. However, with the exchange rate now at N1,500 to a dollar, the N70,000 minimum wage is equivalent to about $45, which he suggests is of lesser value.
His words, “The N30,000 minimum wage people were earning before this government came in was of greater value than current N70,000 minimum wage. Because you had N500 to a dollar when this government came in, but now it’s N1,500. It went to N2,000 at a point. Do the mathematics.
“So what are we talking about? When it was N500 per dollar, the minimum wage was $60. Now that the exchange rate is N1,500 it should be about $45 per month. And see that it’s of less value. So what can they say that they have achieved?”
Okonkwo’s comments come after Bola Tinubu approved the new minimum wage following negotiations with joint labour unions.
Follow the Parallel Facts channel on WhatsApp: https://whatsapp.com/channel/0029VaCQSAoHgZWiDjR3Kn2E
