A former member of the House of Representatives, Lanre Laoshe, has repaid his N1,200 student loan from between 1976 and 1979 with N3,189,217.00 to the Nigerian Education Loan Fund (NELFUND).
A press statement issued on Tuesday by Nasir Ayitogo of the communications department, NELFUND, said Laoshe who benefited from the defunct Federal Government Student Loan Scheme, expressed gratitude for the financial support he received during his education.
He calculated the current equivalent of the loan using historical exchange rates from the Central Bank of Nigeria and repaid the amount as a token of appreciation to the federal government.
The statement said; “NELFUND has commended Laoshe’s gesture, citing it as an example of the impact of government support on individuals and the importance of honouring commitments.
The organisation remains committed to supporting Nigerian students’ educational aspirations through its programmes.
“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 pursuits.
“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. 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. 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.
“This 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 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.”