Former House of Representatives member Lanre Laoshe has made headlines for repaying a student loan of ₦1,200 received between 1976 and 1979, which he calculated to be ₦3,189,217.00 in today’s value. The repayment, made to the Nigerian Education Loan Fund (NELFUND), underscores Laoshe’s commitment to honoring his obligations.
Laoshe, who once served as Deputy Whip in the House, benefited from the now-defunct Federal Government Student Loan Scheme. Reflecting on the financial support that helped him through his education, he decided to repay the loan with interest, acknowledging the significant role the scheme played in his academic success.
To calculate the modern-day equivalent of the ₦1,200 loan, Laoshe used historical exchange rates provided by the Central Bank of Nigeria. In 1979, the exchange rate was $1.00 = ₦0.596, making the loan amount equivalent to $2,013.42 at the time. With the current exchange rate at $1.00 = ₦1,583.98, he determined that the equivalent value of the loan today would be ₦3,189,217.00.
He issued a bank draft for this amount to NELFUND through Polaris Bank Plc, expressing his gratitude for the Federal Government’s support during his education. NELFUND commended Laoshe’s gesture, highlighting it as an inspiring example of how government support can positively impact individuals and the importance of fulfilling one’s commitments.
This act of integrity serves as a reminder of the lasting impact of government initiatives and the importance of giving back.
