A former 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 revealed in a statement signed by Nigerian Education Loan Fund (NELFUND) spokesperson Nasir Ayitogo.

“Hon. Laoshe, a distinguished former member of the House of Representatives and a former Deputy 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,” Ayitogo said.

According to the NELFUND spokesperson, in order to determine the current equivalent of the N1,200 loan, Laoshe obtained a table of average annual 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 $1.00 = N0.596, meaning that the sum of N1,200.00 was equivalent to $2,013.42 at the time,” he said.

“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.

“As a result, he issued a Polaris Bank Plc bank draft (No. 14670909) for this amount to NELFUND, marking his repayment as a token of gratitude to the Federal Government for the role it played in his educational journey.”

NELFUND said the act of goodwill and integrity by Laoshe serves as an inspiring example of the impact that government support can have on individuals and highlights the importance of honoring one’s commitments.