₦airaland Forum

Good

dettolgel:
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.

It's a student loan bro, I am sure there are no penalties for delayed repayment... Back then laws weren't made to implicate or incriminate people. But if he broke any law, he should be made to face the consequences!

You go and ask some of your uncles and aunties who studied in the 70s if they knew people who obtained the NELFUND student loans and never paid back, you'd be surprised that your own folks may be guilty of the same.

fake story

this story is as fake as those ones taking up space in Romance section

Pure rubbish.... He collected the loan in "Naira" so why use dollar calculation to pay back. Yeye dey smile.

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.

Combined 4 year loan, it's possible.

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

Calculate it and give your own figure.

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.

You certainly don't know what you are saying

Good Morning,Fellow Nigerians, I appreciate the repayment by the distinguish Ex-Honourabe Member.

But why so long and is it repentance.

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

Value of 1930 in 1976 to today.

sunboy:
Value of 1930 in 1976 to today.

Noted.

Okoroawusa:
You certainly don't know what you are saying

I do. I grew up in the 1970s.

santaclaws:
It's a student loan bro, I am sure there are no penalties for delayed repayment... Back then laws weren't made to implicate or incriminate people. But if he broke any law, he should be made to face the consequences!

You go and ask some of your uncles and aunties who studied in the 70s if they knew people who obtained the NELFUND student loans and never paid back, you'd be surprised that your own folks may be guilty of the same.

That a lot of people chose to commit crime does not make it right? Do you know how many people supported the Nazi still that does not make it right. Do you know how many families support the yahoo yahoo still that does not make it right. The law is the law. If he didn't break any law for waiting several decades before paying then we have no issue here. If the law is such that the debt will be forgiven after a certain number of years that also can be forgiven.

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.

..the question that is necessary to ask is...which region from 1979 till date have forced themselves as president whether civilian or military..?

..if you can answer this simple question you will know those that destroyed Nigeria..



..incompetent rugas, ronus..

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.

How? Just because the value of naira rapidly depreciated over the years, you are now thinking that cost of education was more costly then than now. During that time that education was almost free.

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.”

In about 40+ years our currency has depreciated this much.

This is what our leaders have led us into. What a shame

tejumorelar:
Pure rubbish.... He collected the loan in "Naira" so why use dollar calculation to pay back. Yeye dey smile.

He didn't want to cheat concerning the accurate amount he was supposed to pay back. If he had used naira to calculate it, he would still pay back N1200 today unless there is interest on it.

maasoap:
How? Just because the value of naira rapidly depreciated over the years, you are now thinking that cost of education was more costly then than now. During that time that education was almost free.

Value of $1930 of 1987 in 2024

What was the stipulated penalty for defaulters back then, he should be sanctioned for holding on to the repayment even though he appears to have the means to pay a long time ago 😞😞😞😞
BTW, this is a confirmation that the student loan touted as a novel creation of the emilokan administration is infact a rehash of a previous scheme

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.

That's highly unlikely.

Those of you castigating the man for delaying the repayment till now or saying that he is chasing clout, have your parents paid back their own?

You guys will always find fault in everything, no matter how good... We know you already.
It's your way of life.

sunboy:
Value of $1930 of 1987 in 2024

And going by this, our honourable was supposed to pay 10,668 X 1600 = 17 million naira. How realistic is that? In the olden days when people showed no interest in education and everything was almost free for students. The N1200 he took, we don't even know if all was used for tuition fees or just part of it.

Good Morning,Fellow Nigerians, I appreciate the repayment by the distinguish Ex-Honourabe Member.

But why so long and is it repentance?

Moreso if everyone delay like this ,how would the loan be sustainable.

Thanks

maasoap:
And going by this, our honourable was supposed to pay 10,668 X 1600 = 17 million naira. How realistic is that? In the olden days when people showed no interest in education and everything was almost free for students. The N1200 he took, we don't even know if all was used for tuition fees or just part of it.

No, he will only pay $ number he borrowed + any accrued interest overtime if applicable.

Looks like the loan is interest free, so he is only obligated to pay the $1200 that he owed, nothing more nothing less. Paying in USD or in todays naira equivalent.

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

Spot on bro, dollar has suffered devaluation too💯

immortalcrown:
Calculate it and give your own figure.

Quick Google Search reveals a dollar in 1979 is about 4.4 dollars today.

To understand better, check the below link:
https://www.in2013dollars.com/us/inflation/1979?amount=1

OR

Google search:
"One dollar today versus 1979".

id4sho:
Spot on bro, dollar has suffered devaluation too💯

https://www.in2013dollars.com/us/inflation/1979?amount=1

One dollar then is about 4.4 USD today. No currency is stagnant in value. We only choose dollar reference to make conversion simpler.

Paraman:
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?

With computer and the Internet, it is way easier to make money now.


https://www.youtube.com/watch?v=X4RMPGkItm4?si=b-tCF37efUc-Ajav