In a remarkable display of gratitude and commitment, Honourable Lanre Laoshe, a former House of Representatives member, has repaid his Federal Government student loan of N1,200, which he received between 1976 and 1979, with a sum of N3,189,217.00 to the Nigerian Education Loan Fund (NELFUND).
Honourable Laoshe, who also served as Deputy Whip, took this unprecedented step to honour the support he received during his educational journey.
To ensure the repayment was reflective of the loan’s current value, he consulted historical exchange rate data from the Central Bank of Nigeria.
This data revealed that the 1979 exchange rate was $1.00 = N0.596, making the original loan equivalent to $2,013.42.
Adjusting for today’s exchange rate of $1.00 = N1,583.98, Hon. Laoshe calculated that the loan’s current value is N3,189,217.00.
He subsequently issued a bank draft for this amount from Polaris Bank Plc (Draft No. 14670909) to NELFUND.
NELFUND expressed deep appreciation for Hon. Laoshe’s gesture and noted that it is committed to supporting the educational aspirations of Nigerian students through its various programmes.