The Nigerian Education Loan Fund (NELFUND) has announced that Hon. Lanre Laoshe, a former beneficiary of the Federal Government Student Loan Scheme, has generously repaid his N1,200 student loan, which he received between 1976 and 1979, with a sum of N3,189,217,Daily Trust reports.
In a statement, NELFUND noted that Hon. Laoshe, a distinguished former member of the House of Representatives and a former Deputy Whip, expressed deep gratitude for the financial assistance provided by the Federal Government during his education.
To determine the present value of the N1,200 loan, Hon. Laoshe referred to a table of average annual exchange rates from 1972 to 1985, obtained from the Central Bank of Nigeria (CBN).
“The table showed that in 1979, the exchange rate was $1.00 = N0.596, meaning that N1,200.00 was equivalent to $2,013.42 at that time,” he explained.
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Using the current exchange rate of $1.00 = N1,583.98, Hon. Laoshe calculated the equivalent amount today to be N3,189,217.00.
As a result, he issued a Polaris Bank Plc bank draft (No. 14670909) for this amount to NELFUND, as a token of appreciation to the Federal Government for its support in his educational journey.
NELFUND praised Hon. Laoshe’s act of goodwill and integrity, describing it as an inspiring example of how government support can positively impact individuals and emphasizing the importance of honoring one’s commitments.
“NELFUND deeply appreciates Hon. Laoshe’s gesture and remains dedicated to supporting the educational ambitions of Nigerian students through its various programs,” the statement concluded.
