'Seun Ibukun-Oni, Abuja
DAILY COURIER — In a remarkable display of integrity and gratitude, Hon. Lanre Laoshe, a former member of the House of Representatives and Deputy Whip, has repaid a N1,200 student loan he received nearly five decades ago with a staggering N3,189,217. This repayment, made to the Nigerian Education Loan Fund (NELFUND), reflects the current value of the loan adjusted for inflation and exchange rate changes over the years.
The Nigerian Education Loan Fund (NELFUND) announced that Hon. Laoshe, who benefitted from the Federal Government Student Loan Scheme between 1976 and 1979, recently took the initiative to repay the loan as a token of appreciation for the support he received during his academic journey. His repayment, significantly exceeding the original amount, was calculated based on historical exchange rates provided by the Central Bank of Nigeria (CBN).
In explaining his method, Hon. Laoshe stated that he referred to a table of average annual exchange rates from 1972 to 1985. The data revealed that in 1979, the exchange rate was $1.00 to N0.596, making his N1,200 loan equivalent to $2,013.42 at the time. Using the current exchange rate of $1.00 to N1,583.98, he determined that the loan’s present-day value is N3,189,217.00.
To fulfill his obligation, Hon. Laoshe issued a bank draft (No. 14670909) for this amount through Polaris Bank Plc, which was presented to NELFUND. This act of repayment has been praised by NELFUND as a demonstration of both goodwill and integrity, setting a high standard for other beneficiaries of government support.
"NELFUND is deeply appreciative of Hon. Laoshe’s gesture and remains committed to supporting the educational aspirations of Nigerian students through its various programs," the organization said in a statement. The Fund emphasized that Hon. Laoshe’s repayment serves as an inspiring example of the lasting impact that government support can have on individuals and the importance of honoring one’s commitments.
Hon. Laoshe’s repayment, 47 years after receiving the loan, is seen as a powerful testament to the value of educational funding and the role it plays in shaping successful careers. His actions have sparked admiration and respect, highlighting the importance of giving back and maintaining integrity in both personal and public life.
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