₦70,000 Minimum Wage Does Not Reflect Current Reality – Kenneth Okonkwo

Veteran Nollywood actor cum politician, Kenneth Okonkwo, has asserted that the approved ₦70,000 minimum wage does not reflect the current reality in the country.

Naija News recalls that President Bola Tinubu recently assented to the N70,000 minimum wage following an agreement with joint labour unions.

In an interview with Nigerian journalist, Seun Okinbaloye on the ‘Mic On’ podcast, Okonkwo maintained that the former N30,000 minimum wage was more valuable than the current N70,000 minimum wage.

He pointed out that everything has turned different since the administration of President Bola Tinubu came to power and questioned what they have achieved.

He said, “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?”