Veteran Nollywood actor and politician Kenneth Okonkwo has criticized the recently approved ₦70,000 minimum wage, stating it does not reflect the current economic reality in Nigeria.
In an interview with journalist Seun Okinbaloye on the ‘Mic On’ podcast, Okonkwo argued that the previous ₦30,000 minimum wage was more valuable than the current ₦70,000. He highlighted that when President Bola Tinubu’s administration took office, the exchange rate was ₦500 to the dollar, compared to the current ₦1,500. He emphasized, “The ₦30,000 minimum wage people were earning before this government came in was of greater value than the current ₦70,000.”
Okonkwo questioned the administration’s achievements, pointing out the significant devaluation of the naira and its impact on workers’ earnings.
