Recently in Nigeria, one of her citizens, Lanre Laoshe did what many Nigerians, especially of his generation have failed to do for many decades after independence. News reports have it that the man repaid an education loan of N1,200 which he received from the federal government’s education loan board in 1976. This was in pursuit of his university education at the time. Just like many of his contemporaries then, he graduated from the university successfully. He also secured employment and started working and making money. But the young man deceitfully kept to himself money that was supposed to be revolving for others to benefit from the same government gesture.
For thirty-five years, Lanre did not deem it fit to pay back this loan. He probably took advantage of the fact that the country does not keep good records of the instruments of good governance, particularly when they relate to financial assistance from governments. Most people view economic help from government such as loans for agriculture, education and entrepreneurship as “national cake” that once received becomes their own shares of the people’s wealth.
It is perhaps for this reason and more that many Nigerians hailed the action of Mr. Laoshe when he decided on his own to pay back the loan to the current National Education Loan Fund, NELFUND on the 27th of August, 2024. Instead of paying back what he obtained from the board, the man calculated what he felt was the current value of the N1,200, using the exchange rate between the country’s Naira and American dollar. By his arithmetic working, this amounted to N3.2m, using N1,500 to one US dollar. He also considered the fact that the amount was equivalent to about N2000 in 1985.
Even NELFUND and the Yoruba social-cultural association, Afenifere were among groups that applauded the elder statesman’s action. Indeed, the man’s decision may not be faulted, given the fact that he is only one out so many people that received similar helps in the past but blocked the chances of future beneficiaries. But, is it fair for the former Chief Whip in Nigeria’s House of Representatives to return what he did as being equivalent to what he received 35 years ago? This question becomes pertinent when the use of known accounting methods of arriving at loan repayment figures with compound interest is put into consideration. Does his action mean that if Naira was stable enough to be at par with the dollar, he could also have returned just N1,200 to government coffers?
Anyway, the former legislator’s action has once again brought to the fore the insincere attitude of many Nigerians whose attitudes have led the country to the present state of backwardness among the comity of nations.
Here is a country where citizens evade taxes and most times pay because they are compelled to. This is particularly in the case of persons seeking public offices and want to be seen as patriotic individuals worthy to be trusted. Such individuals seldom continue paying the correct taxes after getting what they desire from the unsuspecting gullible Nigerians.
In 2023, it was stated by the country’s electoral umpire, INEC that about 83 million Nigerians registered for the year’s election. These were citizens who “patriotically” harkened to the call for them to perform their civic responsibility towards elections. At last, less than 27 million people voted in the presidential election. Others merely registered for the purpose of owning voters cards that could be used to meet other hidden needs in the future.
Many of the present political actors in the All Progressives Congress, APC were led by the president, Senator Bola Ahmed Tinubuin protests against increase in the pump price of fuel in 2012. Many Nigerians at the time viewed them as God-sent patriots on the side of the masses. For this reason amongst others, they were voted into office in 2015. But today, the story has changed. They are in government and can no longer tolerate protesters any more.
Meanwhile, in as much as one appreciates Hon. Lanre Laoshe’s patriotic gesture, it still does no stop him from being cautioned. The withholding of the loan repayment for 35 years is fraudulent. If nothing is done to point out his deceitful act, he may use it in future to obtain greater opportunities to make progress at the expence of Nigerians with genuine intentions.
Additionally, the statesman’s action is enough negative template that should aid the managers of the National Education Loans Fund. It will guide them into actions to take in ensuring that education loans’ default is brought to a minimum level.
