The Nigerian Education Loan Fund (NELFUND) has announced that Lanre Laoshe, a former member of the House of Representatives and former Deputy Whip, has repaid the N1,200 student loan he received between 1976 and 1979 with a sum of N3,189,217.
According to a statement signed by Nasir Ayitogo on behalf of NELFUND’s Director of Corporate Communications, Mrs. Oseyemi Oluwatuyi, Laoshe expressed his deep gratitude for the financial support provided by the federal government during his education.
Laoshe, who benefited from the now-defunct Federal Government Student Loan Scheme, emphasized his appreciation for the assistance that helped him in his educational journey.
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He stated that 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,” the statement said.
It added: “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.”
The statement said the act of goodwill and integrity by Hon. Laoshe served as an inspiring example of the impact that 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.