Education

Former Rep Lanre Laoshe Repays N1,200 Student Loan with N3.1 Million After 47 Years

Published by Tope Fakinlede on August 27th, 2024.

Former Rep Lanre Laoshe Repays N1,200 Student Loan with N3.1 Million After 47 Years

The Nigerian Education Loan Fund (NELFUND) has announced that Lanre Laoshe, a former House of Representatives member and Deputy Whip, has repaid his N1,200 student loan from 1976-1979 with a repayment of N3,189,217.

In a statement from NELFUND, signed by Nasir Ayitogo on behalf of the Director of Corporate Communications, Mrs. Oseyemi Oluwatuyi, Laoshe expressed his deep appreciation for the financial support he received from the federal government during his education.

Laoshe, who was a recipient of the Federal Government Student Loan Scheme, explained that he used historical exchange rate data from the Central Bank of Nigeria (CBN) to calculate the current equivalent of the N1,200 loan. According to the data, in 1979, the exchange rate was $1.00 = N0.596, making N1,200 equivalent to $2,013.42. Using today’s exchange rate of $1.00 = N1,583.98, Laoshe determined the equivalent amount to be N3,189,217.00.

Laoshe paid this amount to NELFUND through a bank draft from Polaris Bank Plc (No. 14670909), as a gesture of gratitude to the Federal Government for its role in his education.

NELFUND praised Laoshe’s act of goodwill and integrity, noting it as a powerful example of the positive impact of government support and the importance of honoring financial commitments. NELFUND reaffirmed its commitment to aiding the educational goals of Nigerian students through its various programs.