Actor Kenneth Okonkwo Claims N30,000 Minimum Wage Was Better Than Current N70,000

Veteran Nollywood actor and politician Kenneth Okonkwo has argued that the former N30,000 minimum wage was of greater value than the current N70,000 minimum wage.

This assertion was made during his appearance on the ‘Mic On’ podcast recently.

Okonkwo's argument centers around the massive devaluation of the Nigerian currency. He explained, “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.”

By this calculation, the former N30,000 minimum wage, which equated to $60 when the exchange rate was N500 per dollar, has more purchasing power compared to the current N70,000 minimum wage, which is approximately $45 at an exchange rate of N1,500 per dollar.