A former member of House of Representatives, Lanre Laoshe, has repaid the N1,200 he received as student loan between 1976 and 1979, with the sum of N3,189,217.
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The repayment of the loan was announced in a statement in Abuja on Tuesday by Nasir Ayitogo of the Communications Department, Nigerian Education Loan Fund (NELFUND).
Ayitogo said Laoshe, who benefited from the defunct Federal Government Student Loan Scheme, expressed gratitude for the financial support he received during his education.
He stated that in order 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).
“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 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,” he said.
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