Ex-Lawmaker Repays ₦1,200 Student Loan With ₦3.1 Million After 47 Years

Honourable Lanre Laoshe, a previous beneficiary of the Federal Government Student Loan Scheme, has repaid his student loan of ₦1,200, which he received between 1976 and 1979.

It was that the former lawmaker repaid the loan with the current exchange rate, amounting to a total of ₦3,189,217.

The Nigerian Education Loan Fund (NELFUND) confirmed this development in a statement issued on Tuesday.

According to NELFUND, Laoshe, a former member of the House of Representatives and a past Deputy Whip, expressed his sincere gratitude for the financial assistance he received from the Federal Government during his academic journey.

He mentioned that to ascertain the current value of the ₦1,200 loan, he consulted a table of average annual exchange rates from 1972 to 1985, sourced from the Central Bank of Nigeria (CBN).

“The table indicated that in 1979, the exchange rate was $1.00 = ₦0.596, meaning that the sum of ₦1,200.00 was equivalent to $2,013.42 at the time.

“Using the current exchange rate of $1.00 =₦1,583.98, Hon. Laoshe calculated that the equivalent amount today would be ₦3,189,217.00,” NELFUND noted.

Consequently, he provided a bank draft for this sum to NELFUND, signifying his repayment as a gesture of appreciation to the Federal Government for contributing to his educational pursuits.

NELFUND remarked that Hon. Laoshe’s goodwill and integrity exemplified the profound influence that government support can exert on individuals, underscoring the significance of fulfilling one’s obligations.

“NELFUND is deeply appreciative of Hon. Laoshe’s gesture and remains committed to supporting the educational aspirations of Nigerian students through its various programmes,” the statement added.