Former Nigerian lawmaker Lanre Laoshe has repaid a student loan of N1,200 (approximately $759) that he took between 1976 and 1979 with a substantial sum of N3.1 million (approximately $1,958,000). This repayment was calculated using historical exchange rates provided by the Central Bank of Nigeria (CBN).
The Nigerian Education Loan Fund (NELFUND) disclosed this in a statement, highlighting Laoshe's action as a shining example of the positive impact of government support on its citizens.
"Using the current exchange rate of $1.00 = N1,583.98, Hon. Laoshe calculated that the equivalent amount today would be N3,189,217.00," the statement read. Consequently, Laoshe issued a Polaris Bank Plc bank draft for this amount to NELFUND.
Laoshe expressed his gratitude for the financial assistance he received during his school days, acknowledging the role it played in his educational journey. "This repayment is a token of gratitude to the federal government for the role it played in my educational journey," he said.
NELFUND praised Laoshe's repayment as an exemplary act of fulfilling one's obligations and reaffirmed its dedication to empowering Nigerian students through various programs. The organization continues to support students of public tertiary institutions, ensuring they have access to necessary financial resources.
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