Home News NELFUND Confirms N3.2m Student Loan Repayment By Hon. Lanre Laoshe

NELFUND Confirms N3.2m Student Loan Repayment By Hon. Lanre Laoshe

by Nwabuko

By Chibuike Nwabuko

ABUJA FCT – The Nigerian Education Loan Fund (NELFUND) on Tuesday confirmed the receipt of student Loan repayment to the tune of three million, one hundred and eighty nine thousand, two hundred and seventeen naira only (N3,189,217.00) from Hon. Lanre Laoshe.

Precise Post recalls that Hon. Laoshe, a former member of the House of Representatives and a former Deputy Whip, had benefited from the defunct Federal Government Student Loan Scheme from 1972 to 1985 during his education pursuit.

Acknowledging the receipt of the money in a statement released on official X account of NELFUND Nigeria signed by Director, Corporate Communications, Nasir Ayitogo, NELFUND described the step as an act of goodwill and integrity by Hon. Laoshe, adding that it serves as an inspiring example of the impact that government support can have on individuals and highlights the importance of honoring one’s commitments

The statement reads in full:

Ex Rep Member Repays Federal Government Student Loan with N3,189,217.00 to NELFUND

The Nigerian Education Loan Fund (NELFUND) is pleased to announce that Hon. Lanre Laoshe, a former beneficiary of the Federal Government Student Loan Scheme, has graciously repaid his N1,200 student loan, received between 1976 and 1979, with the sum of N3,189,217.00.

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.

He stated that in order to determine the current equivalent of the N1,200 loan, he 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.

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.

This act of goodwill and integrity by Hon. 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.

NELFUND is deeply appreciative of Hon. Laoshe’s gesture and remains committed to supporting the educational aspirations of Nigerian students through its various programs.

Signed:

Nasir Ayitogo
For: Director, Corporate Communications

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