Ex-lawmaker repays N3.1m as student loan debt collected in ’70s to NELFUND

A former member of the House of Representatives who was once a beneficiary of the Federal Government Student Loan Scheme, Lanre Laoshe, has repaid his N1,200 student loan received between 1976 and 1979 with the sum of N3,189,217.00.

This was contained in a statement, yesterday, by the Nigerian Education Loan Fund (NELFUND) spokesperson, Nasir Ayitogo.

Ayitogo, while confirming the receipt of the money, said: “Honourable Laoshe, a distinguished former member of the House of Representatives and a former Deputy Chief Whip who benefited from the defunct Federal Government Student Loan Scheme, expressed his deep appreciation for the financial support he received from the Federal Government during his educational pursuit.”

“The beneficiary obtained a table of average yearly exchange rates from 1972 to 1985 from sources at the Central Bank of Nigeria (CBN).

“The table indicated that in 1979, the exchange rate was $1 equals N0.596, meaning that the sum of N1,200.00 was equivalent to $2,013.42 at the time.

“Using the current exchange rate of $1 equals N1,583.98, Laoshe calculated that the equivalent amount today would 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 gratitude to the Federal Government for the role it played in his educational journey.

“This act of goodwill and integrity by Laoshe serves as an inspiring example of the impact that government support can have on individuals.”

NELFUND expressed appreciation to Laoshe for his commitment to supporting the aspirations of students through various programmes.