The Nigerian Education Loan Fund (NELFUND) announced that Senior Advocate of Nigeria, Adegboyega Awomolo, has repaid a N2 million student loan, nearly five decades after benefiting from the Federal Government Student Loan Scheme. The loan, which helped fund his undergraduate studies at the University of Ife (now Obafemi Awolowo University) during the 1975/1976 and 1976/1977 academic sessions, was originally N1,000.
In a statement issued on Friday, September 6, NELFUND confirmed that Awomolo’s repayment marks a full settlement of the debt. The loan, which provided crucial financial support during his law degree, played a significant role in his academic journey.
Despite numerous attempts to repay the loan earlier, Awomolo had been unable to settle it until now. His gesture reflects a commitment to honoring the obligations tied to the Federal Government’s student loan initiative, which was designed to ease the financial burden on students pursuing higher education.
Awomolo’s repayment, adjusted for inflation and other factors, underscores the importance of student loan schemes in shaping the careers of many professionals and highlights the continued relevance of such programs in Nigeria’s educational landscape.
