Those who preside over big business, in power or its corridors, don’t count money when it comes to raising their children. They splash hundreds of millions on the birth, education and well being of their off-springs.
From pregnancy, cradle to crèche, all through school and university, the super rich laden on the paths of their children the best on offer across the world.
And a child of the abundantly blessed born today would feast through almost N200 million before he graduates. From health care, food, education, clothing, vacation, etc, more than N170 million was accounted for, Encomium.ng investigation revealed.
The expenses begin with pregnancy where ‘madam’ is registered at the best hospital in town. With facilities similar to 5-star hotels, and specialists at her beck and call, more than N2 million would have been spent by the time the lucky baby is ready to be born.
And those in this league don’t really have their off-springs here. Perhaps ‘madam’ is ferried to the United Kingdom or United States of America, accompanied by a nanny or relation.
A first class ticket right now is in the region of N1.5 million on any of the choice airlines. And if she’s accompanied by a nanny or relation, another N350,000 goes on air fare in economy class.
Before madam travels abroad, in their mansion here in Nigeria, a bespoke nursery filled with furniture and furnishing that holler money is prepared. The sex of the unborn baby comes to play in the choice of colour and facilities in the nursery which will cost about N1.5 million.
Abroad, another nursery where the baby will spend the first three months of its life will also be decorated in their home there. Another N1.5 million is spent on this nursery.
A renowned hospital with decorated physicians is chosen for the next stage of anti-natal and delivery of the baby. Most first rate hospitals in the United Kingdom or United States charge about $10,000 (N3.2 million).
After spending a few days in the specialist hospital, madam moves home, and settles with baby’s nanny and a maid. If they are foreigners, their salaries are higher. And another N2.7 million is expended on nanny and maid. But if only a maid is engaged, that’s just £3,000 for three months (N1.35 million).
After three months, madam, baby and nanny return home to Nigeria. And after shopping heavily for baby’s clothes and essentials, they hardly need to buy anything here – except odds and ends.
When the baby is of age, he starts crèche, pre-school and nursery. And there are schools in the metropolis where N3 million is charged per session. Before the child is ready for primary school, more than N10 million would have been spent.
Primary school is another ball game, with some of the best also charging about N3 million per session. And with six years of primary school, that is N18 million we are talking about.
The children of the super rich usually attend secondary school abroad, from United Kingdom, United States and Switzerland to Canada. The boarding school cost an average of £30,000 per session (that’s N13.5 million). And in five years, that’s N67.5 million.
That’s excluding many extra curricular activities.
The flight to begin school abroad will cost an average of N350,000 (economy class, if the child is unspoilt and the parents are pragmatic).
All through school, the child will come home for vacation at least once a year – and that’s five times all through secondary school. At N350,000 per trip, that’s N1.75 million.
We have excluded A’ level or foundation year. A levels in the UK in some of the prestigious schools cost about £60,000, which is N27 million.
Foundation year is a bit cheaper – costing about £15,000 for tuition. Accommodation varies, depending on the facilities and location. Another £15,000 will go on accommodation, feeding and up keep. That’s a total of £30,000 (N13.5 million).
University education cost a bit less than secondary school in the United Kingdom, with tuition perching at £10,000 on the average (N4.5 million). And in three years, you would have parted with N13.5 million.
That’s excluding accommodation, feeding and upkeep, and travel expenses back home during the three years. Another £10,000 each year (£30,000, that’s N13.5 million) may go into this area.
So, from pregnancy to cradle, crèche to primary school to university, the child of the super rich goes through a budget of almost N170 million!
Ante natal 2,000,000
Flight to deliver 1,500,000
Nanny’s flight 350,000
Baby room 3,000,000
Maid and nanny 2,700,000
Pre-school to Nursery 11,000,000
Primary school 18,000,000
Flight to attend school 350,000
Secondary school 70,000,000
Travelling x 5 1,750,000
Special activity 1,000,000
Average family spends N12. 6 million to raise a child, middle class splash N70.6 million
For the average family or those well settled in middle class, the cost of raising a child born in 2016 has soared. While the average parents will spend over N12 million from pregnancy, birth through nursery, primary, secondary to university, the middle class family has to contend with raising over N70 million!
Here are the cost centres of raising a typical average family or middle class child…
Average family Upper Middle Class
Ante natal 50,000 200,000
Baby things 120,000 500,000
Child birth 70,000 500,000
Creche/primary 300,000 1,200,000
Primary school 5,000,000 15,000,000
Secondary school 5,000,000 38,000,000
WAEC, GCE, UTME 60,000 60,000
Lesson 60,000 150,000
University 2,100,000 15,000,000
Total 12,660,1000 70, 610,000
– Shade Wesley Metibogun for Encomium.ng