On Tuesday, the Nigerian Education Loan Fund, NELFUND, announced that Hon. Lanre Laoshe, a former beneficiary of the now-defunct Federal Government Student Loan Scheme, has repaid his student loan of N1,200, originally borrowed between 1976 and 1979, with a total sum of N3,189,217.00.
A statement from Nasir Ayitogo, NELFUND’s Director of Corporate Communications noted that Hon. Lanre Laoshe, a former member of the House of Representatives and Deputy Whip, expressed profound gratitude for the financial aid he received during his studies.
Hon. Lanre Laoshe clarified that to determine the current equivalent of the original loan amount, he consulted a table of average annual exchange rates from 1972 to 1985 obtained from the Central Bank of Nigeria. The data showed that in 1979, the exchange rate was $1.00 = N0.596, making the N1,200 loan worth $2,013.42 at that time.
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Using the current exchange rate of $1.00 = N1,583.98, he calculated that the equivalent amount today is N3,189,217.00. Hon. Laoshe issued a Polaris Bank Plc draft (No. 14670909) for this amount to NELFUND, marking his repayment as a gesture of appreciation to the Federal Government for its role in his education.
This act of goodwill by Hon. Lanre highlights the positive impact of government support and underscores the importance of fulfilling one’s obligations. NELFUND commended his integrity and remains dedicated to supporting the educational goals of Nigerian students through its programs.
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