Ex-lawmaker settles ₦3.2m student loan debt after 40 years

Lanre Laoshe was a former House of Representatives member who collected the student loan in the mid-70s. [TheCable]

With the current exchange rate at $1.00 = ₦1,583.98, Laoshe calculated the modern-day equivalent as ₦3,189,217.00.

In an admirable display of integrity and gratitude, former House of Representatives member Lanre Laoshe has repaid a student loan of ₦1,200 received between 1976 and 1979, amounting to ₦3,189,217.00 in today's value.

The repayment was made to the Nigerian Education Loan Fund (NELFUND), as confirmed in a statement released on Tuesday, August 27.

Hon. Laoshe, who once served as Deputy Whip in the House, benefited from the defunct Federal Government Student Loan Scheme.

Reflecting on the financial support he received during his educational journey, he decided to repay the loan with interest, acknowledging the scheme's vital role in his academic success.

"NELFUND has commended Laoshe's gesture, citing it as an example of the impact of government support on individuals and the importance of honouring commitments," read the statement signed by Nasir Ayitogo from the organisation's communications department.

To determine the current equivalent of the ₦1,200 loan, Laoshe referred to historical exchange rates provided by the Central Bank of Nigeria.

In 1979, the exchange rate was $1.00 = ₦0.596, meaning the loan amount was equivalent to $2,013.42 at that time.

With the current exchange rate at $1.00 = ₦1,583.98, Laoshe calculated the modern-day equivalent as ₦3,189,217.00.

He subsequently issued a bank draft for this amount to NELFUND through Polaris Bank Plc as a token of appreciation for the Federal Government's support during his education.

NELFUND praised Laoshe's repayment, underscoring it as an inspiring example of how government support can positively impact individuals, emphasising the importance of fulfilling one's obligations.

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