In a recent podcast appearance on 'Mic On', Kenneth Okonkwo, a prominent figure in Nollywood and a seasoned politician, expressed his viewpoint that the previous N30,000 minimum wage held more significant value than the current N70,000 benchmark.
Okonkwo's stance is in response to President Bola Tinubu's recent assent to the N70,000 minimum wage following negotiations with labor unions.
He argued that the increment in minimum wage does not accurately reflect the current economic reality, pointing out that the previous N30,000 minimum wage was comparatively more valuable than the current N70,000 minimum wage due to the dramatic depreciation of the local currency against the US dollar.
Okonkwo highlighted that when the current administration assumed office, the exchange rate was much lower compared to the present rate, making the new minimum wage seemingly less substantial when translated into US dollars.
This perspective underscores his concern over the decreased purchasing power of the local currency and its implications on the wage increment.