The Nigerian Education Loan Fund (NELFUND) has said that a former federal lawmaker, Hon. Lanre Laoshe, who was a beneficiary of a defunct Federal Government Student Loan Scheme, has graciously repaid his N1,200 student loan, obtained between 1976 and 1979, with the sum of N3,189,217.00.
NELFUND, which praised Laoshe’s gesture as an ‘act of goodwill and integrity’, however, did not say why the loan was repaid about 48 years after it was granted to the beneficiary.
LEADERSHIP recalls that NELFUND was recently established by the President Bola Tinubu administration to ensure that no Nigerian child is denied access to further education by providing succour to students in the payment of school fees.
A statement signed by Nasir Ayitogo, on behalf of the Director, Corporate Communications, NELFUND, on Tuesday, said Hon. Laoshe expressed his deep appreciation for the financial support he received from the Federal Government during his educational pursuit 48 years ago.
He stated that in order to determine the current equivalent of the N1,200 loan, the former lawmaker 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 honouring 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,” Ayitogo stated.
