Ex-Rep member repays N3.1m for N1,200 student loan taken 47 years ago

Ex-Rep member repays N3.1m for N1,200 student loan taken 47 years ago

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 student loan of N1,200, which he received between 1976 and 1979, with the sum of N3,189,217.

In a statement released by NELFUND, Hon. Laoshe, a former member of the House of Representatives and a former Deputy Whip, expressed his deep gratitude for the financial assistance provided by the government during his educational journey.

He explained that to determine the current value of the N1,200 loan, he consulted a table of average annual exchange rates from 1972 to 1985, sourced from the Central Bank of Nigeria (CBN).

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The table revealed that in 1979, the exchange rate was $1.00 = N0.596, meaning that N1,200 was equivalent to $2,013.42 at that time. By applying 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 gesture of appreciation and integrity, Hon. Laoshe issued a bank draft of N3,189,217 to NELFUND, demonstrating his commitment to honoring the loan that supported his education.

NELFUND commended Hon. Laoshe’s action as an inspiring example of the impact of government support on individuals and emphasized the importance of fulfilling one’s obligations.

The organization remains dedicated to supporting the educational aspirations of Nigerian students through its various programs.

Ex-Rep member repays N3.1m for N1,200 student loan taken 47 years ago