Former Lawmaker repays 47-Year-Old student loan with N3.2 Million

August 28, 2024

By Samuel Ogunsona

In a remarkable display of integrity, a former member of the House of Representatives, Lanre Laoshe, has repaid his decades-old student loan.

Laoshe, who received a N1,200 loan from the Nigerian Education Loan Fund (NELFUND) between 1976 and 1979, has repaid the amount with a staggering N3,189,217.00, 47 years later.

Laoshe, who calculated the worth of N1,200 using historical exchange rates from the Central Bank of Nigeria gives his gratitude to Federal Government for the initiative.

“NELFUND has commended Laoshe’s gesture, citing it as an example of the impact of government support on individuals and the importance of honoring commitments. The organisation remains committed to supporting Nigerian students’ educational aspirations through its programmes.

Hon. Laoshe, a distinguished former member of the House of Representatives and a former Deputy Whip, who benefited from the defunct Federal Government Student Loan Scheme, expressed his deep appreciation for the financial support he received from the Federal Government during his educational pursuit.

“He stated that in order to determine the current equivalent of the N1,200 loan, he obtained a table of average annual exchange rates from 1972 to 1985 from sources at the Central Bank of Nigeria.

“The table indicated that in 1979, the exchange rate was $1.00 = N0.596, meaning that the sum of N1,200.00 was equivalent to $2,013.42 at the time.

Using the current exchange rate of $1.00 = N1,583.98, Hon. Laoshe calculated that the equivalent amount today would be N3,189,217.00.

“As a result, he issued a Polaris Bank Plc bank draft (No. 14670909) for this amount to NELFUND, marking his repayment as a token of gratitude to the Federal Government for the role it played in his educational journey.

This act of goodwill and integrity by Hon. Laoshe serves as an inspiring example of the impact that government support can have on individuals and highlights the importance of honoring one’s commitments.

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

This extraordinary gesture demonstrates Laoshe’s dedication to fulfilling his obligations and setting a commendable example for others.

Laoshe’s repayment serves as a reminder of the importance of honoring financial obligations and supporting education initiatives.