Life is better for those with $5,000 abroad than having N30 million in Nigeria

Nigerian abroad lifestyle content creator, Eleanya Ucheya, says life is better for those with $5,000 abroad than having N30 million in Nigeria.

According to Ucheya, the economic pressure on N30 million in Nigeria is greater than that of $5,000, adding that N30 million can disappear in no time because of the instability of the Nigerian economy.

In his recent TitTok content, he stressed that even with inflation, $5,000 abroad is more valuable than N30 million in Nigeria.

Ucheya identified insecurity, poor policies and multiple taxation as some of the issues that contribute to the decline of the naira value.

“One bad policy can just bring your money down. I am not even talking about insecurity, which can destabilise you. Even as a business person, maybe you have N30 milllion, do you know that one fire outbreak can reduce you to nothing because no insurance.

“That person with $5,000 abroad can use that money to buy the latest car, he might just deposit maybe $1,000. He can buy on loan or lease, maybe in three years time, he takes the car back to them, he’ll just be paying small money.

“But that your N30million, may be you’re a businessman, tomorrow state will come for one tax, local government is coming, agbero is coming, police on the road is coming. Even if you want to pay for your child school fees from the money, after paying for the school, you pay for lesson teacher that will still come to your house and eat.”

Ucheya’s submissions sparked an argument on TikTok as many agreed with him, while others opposed his claim, saying ?30 million can set up one for life in Nigeria if managed well.