₦airaland Forum

The Nigerian Education Loan Fund (NELFUND) has disclosed that Hon. Lanre Laoshe, a former beneficiary of the Federal Government Student Loan Scheme, has graciously repaid…

The Nigerian Education Loan Fund (NELFUND) has disclosed that Hon. Lanre Laoshe, a former beneficiary of the Federal Government Student Loan Scheme, has graciously repaid his N1,200 student loan, received between 1976 and 1979, with the sum of N3,189,217.

According to a statement by the Fund, Hon. Laoshe, a distinguished former member of the House of Representatives and a former Deputy Whip, who, benefited from the defunct Federal Government Student Loan Scheme, expressed his deep appreciation for the financial support he received from the Federal Government during his educational pursuit.

He stated that in order to determine the current equivalent of the N1,200 loan, he obtained a table of average annual exchange rates from 1972 to 1985 from sources at the Central Bank of Nigeria (CBN).

“The table indicated that in 1979, the exchange rate was $1.00 = N0.596, meaning that the sum of N1,200.00 was equivalent to $2,013.42 at the time.

“Using the current exchange rate of $1.00 = N1,583.98, Hon. Laoshe calculated that the equivalent amount today would be N3,189,217.00.”

As a result, he issued a Polaris Bank Plc bank draft (No. 14670909) for this amount to NELFUND, marking his repayment as a token of gratitude to the Federal Government for the role it played in his educational journey.

NELFUND said the act of goodwill and integrity by Hon. Laoshe served as an inspiring example of the impact that the government support can have on individuals and highlighted the importance of honouring one’s commitments.

“NELFUND is deeply appreciative of Hon. Laoshe’s gesture and remains committed to supporting the educational aspirations of Nigerian students through its various programmes,” the statement added.

https://dailytrust.com/ex-rep-repays-n1200-student-loan-with-n3-1m-after-47-years/

1200 Naira in 1976 was 1,935 Dollars. That is 3,076,553.25 Naira today.

ADDED:
My computation has been proven wrong by many commenters. I have taken the correction.

This means that the cost of education in the past was more expensive than it is now.

So when someone tells you how the father earned N250 as salary, or spent N28 for family shopping in 1979, just know that it was no small money that was easy to come by then.

Even Federal Government cannot give anyone N3m education loan now.

A drug trafficker or baby factory merchant will never ever do this

Ok

immortalcrown:
1200 Naira in 1976 was 1,935 Dollars. That is 3,076,553.25 Naira today.

Flawed computation. One dollar then isnt one dollar today in value. The dollar changes value relative itself across time.

Throwback:
This means that the cost of education in the past was more expensive than it is now.

So when someone tells you how the father earned N250 as salary, or spent N28N for family shopping in 1979, just know that it was no small money that was easy to come by then.

Even Federal Government cannot give anyone N3m education loan now.

You are right. But making that money was easier back then. Even local farmers and primary school teachers could afford a lot of luxuries then. 404 Peugeot pick ups were so affordable (I didn’t say cheap) that it was very common to see a local farmer buy one after a single harvest.

oglalasioux:
You are right. But making that money was easier back then. Even local farmers and primary school teachers could afford a lot of luxuries then. 404 Peugeot pick ups were so affordable (I didn’t say cheap) that it was very common to see a local farmer buy one after a single harvest.

A lot of salaried workers back then bought their Peugeot and their vw's and other cars via loans...which were paid back from their salaries.

I just dey pity Naija students collecting Tinubu loans.....generational debts loading

Hehehehehe

Do not be deceived… this news is political antics meant to glorify their flawed student loan… how many level 15 civil service guarantor did he had to provide in 1976??

oglalasioux:
You are right. But making that money was easier back then. Even local farmers and primary school teachers could afford a lot of luxuries then. 404 Peugeot pick ups were so affordable (I didn’t say cheap) that it was very common to see a local farmer buy one after a single harvest.

Accross times, making money has never bn easy as of all time as u say sir....one of the hardest tin to come by in the universe is money.

Make God provide it for us abundantly, Amen

Calculation is still wrong... very wrong.

Nobody in the whole NELFUND to CBN, to the Media Propaganda team could spot or correct this?

immortalcrown:
1200 Naira in 1976 was 1,935 Dollars. That is 3,076,553.25 Naira today.

HUH?

Ayo8:
Do not be deceived… this news is political antics meant to glorify their flawed student loan…

Yes, that's very obvious..

Hahahahahaha
Hahahahahahaha
Hahahahahahaha


It is well with us as a nation.
I am now fully convinced that Nigeria is an experiment to test how a group of people can endure suffering from their leaders without complaining.

immortalcrown:
1200 Naira in 1976 was 1,935 Dollars. That is 3,076,553.25 Naira today.

So he overpaid then.... Still ok.

GreaterFuture:
Calculation is still wrong... Very very Wrong

Definitely, but he paid back based on the dollar value, his effort is to be commended.

The best thing would have been to get the Naira equivalent (in Naira) of 1200 back in 1976, I would have added interest rate calculation, but it's a student loan, not a commercial loan, so I don't think that would be appropriate..

Overall the man did well.

So we should clap for him? Why did he have to wait for that long before repaying the loan? BVN and NIN will not allow students pull this kind of stunt again

CodeTemplarr:
Flawed computation. One dollar then isnt one dollar today in value. The dollar changes value relative itself across time.

If nah Tinubu supporter create a new account because his old account was suspended, you clowns will rush to report the person

Nice one

dominique:
So we should clap for him? Why did he have to wait for that long before repaying the loan? BVN and NIN will not allow students pull this kind of stunt again

A lot of his colleagues who collected same loans probably never paid back. Let's commend good things, even if they are little.

At least the 3.1 million he paid back can help like 10 students pay their school fees now.

Throwback:
This means that the cost of education in the past was more expensive than it is now.

So when someone tells you how the father earned N250 as salary, or spent N28 for family shopping in 1979, just know that it was no small money that was easy to come by then.

Even Federal Government cannot give anyone N3m education loan now.

Even though you're right but life was still easier back then. How many Nigerians working in a good company can afford to buy a new car now compared to back then?

santaclaws:
Definitely, but he paid back based on the dollar value, his effort is to be commended.

Commended?? Comedy!

Why is he just paying now? It's obvious he has been a rich man for a while now, So why is he just paying back now?
Why Didn't he pay back 5 or 10 years ago?
(Assuming this is not political media games, which it very obviously is )

The old man just wan trend

GreaterFuture:
Commended?? Comedy!

Why is he just paying now? It's obvious he has been a rich man for a while now, So why is he just paying back now?
Why Didn't he pay back 5 or 10 years ago?
(Assuming this is not political media games, which it very obviously is )

Ok, would it have been better if he never paid? You want to castigate him for doing thr right thing because he did it late, but that doesn't change the fact that he did the right thing.

Commend people for doing well, he could have kept it to himself just like the parents of some Nairaland members. I am sure he wasn't the only one who collected the loan and didn't pay back. Even a lot of those collecting NELFUND loans today have no plans to pay back.

dominique:
So we should clap for him? Why did he have to wait for that long before repaying the loan? BVN and NIN will not allow students pull this kind of stunt again

This is the only reasonable post on this issue.

santaclaws:
Ok, would it have been better if he never paid? You want to castigate him for doing thr right thing because he did it late, but that doesn't change the fact that he did the right thing.

Commend people for doing well, he could have kept it to himself just like the parents of some Nairaland members. I am sure he wasn't the only one who collected the loan and didn't pay back. Even a lot of those collecting NELFUND loans today have no plans to pay back.

The government should check the penalty for default if it prosecution let him face it. So we should commend anyone that breaks law and let them go free because they repented? The law doesn't work that way.