Lanre Laoshe, a former member of the House of Representatives, has reimbursed a N1,200 student loan he received between 1976 and 1979 by paying N3,189,217.00 to the Nigerian Education Loan Fund (NELFUND), as per a statement from NELFUND released on Tuesday.
The statement, signed by Nasir Ayitogo of the communications department, mentioned that Laoshe, a beneficiary of the now-defunct Federal Government Student Loan Scheme, expressed appreciation for the financial assistance he obtained during his academic years.
By utilizing historical exchange rates from the Central Bank of Nigeria, Laoshe computed the present-day equivalent of the loan and decided to repay the amount as a gesture of gratitude towards the Federal Government.
Laoshe’s action was commended by NELFUND, which highlighted it as a testament to the influence of government aid on individuals and the significance of fulfilling obligations. NELFUND reiterated its dedication to supporting Nigerian students in pursuing their educational goals through its initiatives.
Former Deputy Whip and renowned ex-member of the House of Representatives, Hon. Laoshe shared his profound gratitude for the financial backing he received from the Federal Government during his academic journey.
He revealed that he referenced a set of average yearly exchange rates from 1972 to 1985 sourced from the Central Bank of Nigeria to ascertain the contemporary value of the N1,200 loan.
Based on the information indicating an exchange rate of $1.00 = N0.596 in 1979 – translating the N1,200.00 to $2,013.42 at that time – Laoshe calculated the equivalent sum today to be N3,189,217.00, utilizing the current exchange rate of $1.00 = N1,583.98.
Consequently, he issued a bank draft from Polaris Bank Plc (No. 14670909) for the aforementioned amount to NELFUND, marking his repayment as a token of appreciation towards the Federal Government for its role in his educational journey.
This act of goodwill and integrity exhibited by Hon. Laoshe stands as an inspiring demonstration of the impact government support can have on individuals, underscoring the significance of honoring one’s commitments.
NELFUND expressed deep gratitude for Hon. Laoshe’s gesture and reaffirmed its commitment to backing the educational pursuits of Nigerian students through its diverse programs.