Ex-Lawmaker repays FG’s Student Loan with N3.19 million
The Nigerian Education Loan Fund (NELFUND) has announced that Hon. Lanre Laoshe, a former beneficiary of the Federal Government Student Loan Scheme, has repaid his N1,200 loan with a sum of N3,189,217.00.
This repayment marks a significant act of goodwill from Hon. Laoshe, a distinguished former member of the House of Representatives and former Deputy Whip, who expressed his gratitude for the financial support he received from the government during his education from 1976 to 1979.
Hon. Laoshe explained that he determined the present-day equivalent of his N1,200 loan using historical exchange rate data obtained from the Central Bank of Nigeria (CBN). According to the data, in 1979, the exchange rate was $1.00 to N0.596, making his loan equivalent to $2,013.42 at that time.
With the current exchange rate at $1.00 to N1,583.98, Hon. Laoshe calculated the equivalent amount to be N3,189,217.00. He repaid this amount via a Polaris Bank Plc bank draft, demonstrating his commitment to honoring the assistance he received.
The Director of Corporate Communications for NELFUND, Nasir Ayitogo, expressed the organization’s appreciation for Hon. Laoshe’s gesture, describing it as an inspiring example of integrity and a reminder of the positive impact of government support on individuals. NELFUND remains dedicated to continuing its support of Nigerian students through various educational programs.
