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Former Lawmaker Repays Student Loan 45 Years After Graduation

Published

3 months ago

Aug 27, 2024.

Forty-five years after graduating from the university, former House of Representatives member Hon. Lanre Laoshe has repaid the student loan he received from the federal government between 1976 and 1979.

The loan, which originally amounted to N1,200, was repaid with a sum of N3,189,217.00 to the Nigerian Education Loan Fund (NELFUND).

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EKO HOT BLOG reports that in a statement released on Tuesday, NELFUND expressed deep appreciation for Hon. Laoshe’s gesture, emphasizing the importance of honoring commitments and highlighting the positive impact of government support on individuals.

“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,” the statement noted.

Former lawmaker Hon. Lanre Laoshe repaid his N1,200 student loan from 1976-1979 with N3.2 million, 45 years after graduation

Hon. Laoshe, who served as a distinguished member of the House of Representatives and a former Deputy Whip, expressed his gratitude for the financial assistance he received during his studies.

To calculate the equivalent of the N1,200 loan in today’s value, he used historical exchange rate data from the Central Bank of Nigeria (CBN). According to his findings, the exchange rate in 1979 was $1.00 = N0.596, making the original loan equivalent to $2,013.42 at that time.

Using the current exchange rate of $1.00 = N1,583.98, Hon. Laoshe determined that the equivalent amount today would be N3,189,217.00. He then issued a bank draft for this amount to NELFUND through Polaris Bank Plc, marking his repayment as a token of gratitude for the role the Federal Government played in his educational journey.

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