A former member of the House of Representatives, Hon. Lanre Laoshe, has repaid a N1,200 student loan he received between 1976 and 1979 with a staggering N3,189,217. Laoshe, a former Deputy Whip, expressed his gratitude for the financial support he received from the Federal Government during his educational pursuit.
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To calculate the current equivalent of the loan, Laoshe obtained a table of average annual exchange rates from 1972 to 1985 from the Central Bank of Nigeria (CBN). Using the current exchange rate, he determined that the equivalent amount today would be N3,189,217.00.
Laoshe issued a Polaris Bank Plc bank draft for this amount to the Nigerian Education Loan Fund (NELFUND), marking his repayment as a token of gratitude to the Federal Government.
NELFUND praised Laoshe’s act of goodwill and integrity, highlighting the impact of government support on individuals and the importance of honoring commitments.
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