...says new minimum wage fails to reflect current economic reality
Kenneth Okonkwo, veteran nollywood actor and politician, says the former N30,000 minimum wage was of greater value than the current N70,000 minimum wage benchmark.
Torizone reports that President Bola Tinubu recently assented to the N70,000 minimum wage following an agreement with joint labour unions.
Speaking on the snippet clip of the 'Mic On' podcast, Okonkwo insisted that the increment does not reflect current reality.
He reaffirmed that the former N30,000 minimum wage was more valuable than the current N70,000 minimum wage.
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?"
On July, Okonkwo announced his decision to pathways with Peter Obi, the Labour party 2023 presidential candidate.
He was also labeled as a mole by the leadership of the party in a statement after his announcement and criticisms on its 2023 candidate.
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