In a remarkable gesture of gratitude and integrity, Hon. Lanre Laoshe, a former member of the House of Representatives, has repaid his long-standing Federal Government student loan with the sum of N3,189,217.00 to the Nigerian Education Loan Fund (NELFUND).
The repayment, which was made decades after he received the loan, underscores the lasting impact of government support on individuals’ educational pursuits.
Hon. Laoshe, who served as Deputy Whip during his time in the House of Representatives, was a beneficiary of the now-defunct Federal Government Student Loan Scheme, receiving a loan of N1,200 between 1976 and 1979 to support his education.
Reflecting on the financial assistance he received, Laoshe expressed deep appreciation for the government’s role in his educational journey.
To determine the equivalent value of the N1,200 loan today, Hon. Laoshe consulted a table of average annual exchange rates from 1972 to 1985 provided by the Central Bank of Nigeria (CBN).
According to the data, in 1979, the exchange rate was $1.00 to N0.596, meaning that N1,200 was equivalent to $2,013.42 at the time.
Using the current exchange rate of $1.00 to N1,583.98, he calculated that the equivalent amount in today’s terms would be N3,189,217.00.
In a show of commitment to honoring his obligations, Hon. Laoshe issued a bank draft for this amount to NELFUND through Polaris Bank Plc, marking the completion of his repayment.
“This is my token of gratitude to the Federal Government for the pivotal role it played in my education,” he stated.
The Director of Corporate Communications for NELFUND, Nasir Ayitogo, praised Hon. Laoshe’s act of goodwill, noting that it sets a powerful example of integrity and the importance of fulfilling one’s commitments.
Ayitogo emphasized that NELFUND remains committed to supporting the educational aspirations of Nigerian students through its various programs, inspired by gestures like that of Hon. Laoshe.
