Wouldn’t it be better for Nauru to give up independence?

So, first I want to explain that I am not trying to throw hate onto Nauru or the people, I’m just wondering if someone could explain.

My understanding of Nauru is that it’s situation is as follows: Nauru is the 3rd smallest and 3rd least populated nation in the world. It’s a Phosphorus Rock Island, and for decades its economy was based on the mining of phosphorus. Before its independence most of the phosphorus reserves had already been extracted, but they still extracted what was left after independence and this led it to being one of the wealthiest nations in the world per capita. However a sovereign wealth fund they set up was mismanaged and even today they still face allegations of corruption.

Question: Besides Nauruan political leaders preventing it or trying to prevent it from happen, wouldn’t it be better for Nauru to give up it’s independence to a different nation entirely so that it can be able to get more direct funding from a different government? (I’m thinking about how American States are able to get grants in aid and block grants and all that from the federal government) and also have some political power in a certain nation that would give the nation a small obligation to help it a little (I’m thinking like if Australia annexed it they could be given more power over things on the island and maybe set up a military base there or want it’s maritime EEZ)