A former member of the House of Representatives, Hon. Lanre Laoshe, has repaid a student loan of N1,200 he received from the Federal Government between 1976 and 1979, with a generous sum of N3,189,217.00.
The repayment was made to the Nigerian Education Loan Fund (NELFUND) as a gesture of appreciation and integrity.
Hon. Laoshe, who once served as Deputy Whip in the House of Representatives, was a beneficiary of the now-defunct Federal Government Student Loan Scheme during his educational pursuits.
Expressing his gratitude for the financial support he received, he explained how he arrived at the repayment figure.
To determine the current value of the N1,200 loan, Hon. Laoshe sourced a table of average annual exchange rates from 1972 to 1985 from the Central Bank of Nigeria (CBN). In 1979, the exchange rate was $1.00 to N0.596, making the original loan amount equivalent to $2,013.42 at that time.
Using today’s exchange rate of $1.00 to N1,583.98, Hon. Laoshe calculated that the equivalent amount in 2024 would be N3,189,217.00. He subsequently issued a Polaris Bank Plc bank draft for this amount (No. 14670909) to NELFUND, thereby fulfilling his repayment obligation.
In a statement, NELFUND expressed its deep appreciation for Hon. Laoshe’s act of goodwill, noting that his integrity and commitment set an inspiring example. The organisation also reaffirmed its dedication to supporting the educational aspirations of Nigerian students through its various programmes.
Hon. Laoshe’s repayment highlights the long-term impact of government support in education and underscores the importance of honouring commitments made during one’s academic journey.
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