A former member of the House of Representatives, Mr. Lanre Laoshe has reimbursed his ₦1,200 student loan received between 1976 and 1979 with the sum of ₦3,189,217 to the Nigerian Education Loan Fund (NELFUND).
NELFUND announced the repayment in a statement signed by its Director, Corporate Communications, Nasir Ayitogo on Tuesday.
According to the statement, Hon. Laoshe, a distinguished former member of the House of Representatives and a former Deputy Whip, who benefited from the defunct Federal Government Student Loan Scheme expressed his deep appreciation for the financial support he received from the Federal Government during his educational pursuit.
He stated that in order to determine the current equivalent of the ₦1,200 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 ₦3,189,217.00.
“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 noted.
The agency disclosed that the act of goodwill and integrity by Hon. Laoshe serves as an inspiring example of the impact that government support can have on individuals and highlights the importance of honoring one’s commitments.
It expressed gratitude to Laoshe for his gesture and reiterated his commitment to supporting the educational aspirations of Nigerian students through its various programs.
