Former Nigerian lawmaker Hon. Lanre Laoshe has repaid a student loan he took out nearly five decades ago with a significantly larger sum.
The Nigerian Education Loan Fund (NELFUND) revealed that Hon. Laoshe, who served as a member of the House of Representatives and as a Deputy Whip, recently paid back his original loan amount of N1,200 with a repayment of N3,189,217.
Hon. Laoshe received the loan between 1976 and 1979 under the Federal Government Student Loan Scheme. Reflecting on the support he received during his educational years, he decided to repay the loan with interest as a gesture of appreciation.
To determine the modern equivalent of his original loan, Hon. Laoshe consulted historical exchange rate data provided by the Central Bank of Nigeria (CBN).
According to this data, in 1979, the exchange rate was $1.00 to N0.596, making his N1,200 loan equivalent to $2,013.42.
With the current exchange rate at $1.00 to N1,583.98, the amount translates to N3,189,217 today. Using this calculation, he issued a bank draft for the repayment amount to NELFUND through Polaris Bank Plc.
NELFUND praised Hon. Laoshe’s repayment, describing it as a commendable act of goodwill and a demonstration of the positive impact of government support on individuals.
