Former lawmaker Lanre Laoshe repays 1970s student loan debt to NELFund

A former House of Representatives member, Lanre Laoshe, has repaid his student loan debt from 1976 to 1979 to the Nigerian Education Loan Fund (NELFund).

According to a statement by Nasir Ayitogo from the communications department, Laoshe, who benefited from the now-defunct Federal Government Student Loan Scheme, expressed his gratitude for the financial support he received during his education.

Laoshe, who originally secured a credit facility of N1,200 in 1979 has now repaid the loan with interest, amounting to N3.18 million, to the Fund.

The statement reads: “The Nigerian Education Loan Fund (NELFUND) is pleased to announce that Hon. Lanre Laoshe, a former beneficiary of the Federal Government Student Loan Scheme, has graciously repaid his N1,200 student loan, received between 1976 and 1979, with the sum of N3,189,217.00.

“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 (CBN).

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 programs.”