A former Rep has repaid a FG student loan from 1976-79 with a N3.18m payment. Learn more about this rare repayment and its significance.
Hon. Lanre Laoshe, a previous recipient of the Federal Government Student Loan Scheme, has successfully reimbursed his student loan through NELFUND (Nigerian Education Loan Fund). The initial amount disbursed to him from 1976-1979 was N1,200 but he now repaid an astounding sum of N3.189 million.
NELFUND released a statement in which Hon. Laoshe, who was once a member of the House of Representatives and held the position of Deputy Whip, expressed his sincere appreciation for the financial support he received from the government during his academic pursuits.
He consulted a table of average annual exchange rates from 1972 to 1985, sourced from the Central Bank of Nigeria (CBN), in order to determine the current value of the N1,200 loan.
According to the table, in 1979 $1.00 was equal to N0.596, which meant that $2,013.42 could be exchanged for N1,200 back then. Hon.Laoshe used the present exchange rate of $1.OO= N1583 .98 and calculated that an equivalent amount today would be worthN3189217 .OO
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Hon. Laoshe showed his gratitude and honesty by issuing a bank draft worth N3,189,217 to NELFUND as an act that exemplified his dedication towards repaying the loan which facilitated his education.
Hon. Laoshe’s admirable actions were praised by NELFUND as a motivating illustration of how government aid can positively impact individuals, underscoring the significance of fulfilling one’s responsibilities.
Through its diverse programs, the organization upholds its commitment to nurturing the educational goals of Nigerian scholars.
