Renowned Nollywood actor and politician, Kenneth Okonkwo, has expressed his opinion on the recent minimum wage increase.
News About Nigeria reports that Okonkwo said he believes that the previous minimum wage of N30,000 held more value than the newly implemented N70,000 benchmark.
Okonkwo made his thoughts known during an appearance on the ‘Mic On’ podcast.
He said that the recent increment does not accurately reflect the current economic situation.
Okonkwo’s statement comes after President Bola Tinubu approved the new minimum wage following negotiations with labor unions.
He argued that the increased amount does not necessarily translate to a better standard of living for workers.
He said, “The N30,000 minimum wage people were earning before this government came in was of greater value than the 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?”
News About Nigeria reported that on July 28, Okonkwo expressed his disappointment and loss of faith in Peter Obi, the party’s presidential candidate in the 2023 elections
Okonkwo’s frustration with Obi’s leadership had left him uncertain about the party’s future direction and his own role within the LP.
In his statement then, he announced his decision to reevaluate his political journey, citing the need for a new direction.
