₦airaland Forum

Good morning Nlanders




Is a person with 1 million Dollars in US equivalent to a person with 1 million Naira in Nigeria because of taxes, reductions and cost of living there?

Someone told me that a person with 1 mil dolls in US is equivalent or lesser than a person with 1 mill Naira in 9ja because of taxes, I couldn't agree with him 'cause he has never travelled to US prior the argument. Experienced nlander's opinions are needed. Thanks

Kranediggy:
Good morning Nlanders




Is a person with 1 million Dollars in US eqivalent to a person with 1 million Naira in Nigeria because of tax, reductions and cost of living there?

Someone told me that a person with 1 mil dolls in US is eqivalent or lesser than a person with 1 mill Naira in 9ja because of taxes, I couldn't agree with him 'cause he has never travelled to US prior the argument. Experienced nlander's opinions are needed. Thanks

I'm in Canada and would answer based on what CAD would get you in Canada (you can use the same scenario for the US)...and I would answer with examples.

1. You would live comfortable with 2000-3000CAD in Canada, would you see anyone living with N2000 in a month in Nigeria?

2. An averagely modest 2-3bedroom house in my city would cost around 400,000CAD. Can you build a house for N400,000 in Nigeria?

3. A used low-milage 2010 Toyota Camry would go for around 6000CAD, can you get that for N6000 in Nigeria?


I'm just trying to show you the absurdity of saying N1mil in Nigeria has same value as $1mil in US or Canada. $1mil will get you a house, cars, set you up for a business, afford you some sorta luxury...with change, in America. N1mil wont even get you a decent car in Nigeria.


I usually dont comment on Nairaland anymore but I just thought it might help steer your discussion with your friend in a positive direction, the question seems to come from a place of decision making

Majesticniyi:
I'm in Canada and would answer based on what i

Ok...?

Majesticniyi:
I'm in Canada and would answer based on what CAD would get you in Canada (you can use the same scenario for the US)...and I would answer with examples.

1. You would live comfortable with 2000-3000CAD in Canada, would you see anyone living with N2000 in a month in Nigeria?

2. An averagely modest 2-3bedroom house in my city would cost around 400,000CAD. Can you build a house for N400,000 in Nigeria?

3. A used low-milage 2010 Toyota Camry would go for around 6000CAD, can you get that for N6000 in Nigeria?


I'm just trying to show you the absurdity of saying N1mil in Nigeria has same value as $1mil in US or Canada.

Thanks, that's why I never agreed with my friend (cost of living) prove him wrong. Pls can u talk abt the taxation, can u give me a factual clue?

How can you start comparing 1m usd to 1m naira? Just how?