The Nigerian Education Loan Fund (NELFUND) proudly announces that Hon. Lanre Laoshe, a distinguished former member of the House of Representatives and ex-Deputy Whip, has repaid his Federal Government student loan with interest. Laoshe, who received a loan of N1,200 between 1976 and 1979, has graciously settled it with a sum of N3,189,217.00.
Hon. Laoshe, reflecting on the support he received during his education, expressed his deep gratitude to the Federal Government. To determine the equivalent value of his original loan, he consulted historical exchange rate data from the Central Bank of Nigeria (CBN). The 1979 exchange rate was $1.00 = N0.596, making the N1,200 loan equivalent to $2,013.42 at the time. With the current exchange rate of $1.00 = N1,583.98, he calculated the present-day value to be N3,189,217.00.
Hon. Laoshe made the repayment through a Polaris Bank Plc draft (No. 14670909) as a token of appreciation. This gesture underscores the enduring impact of government support and exemplifies the importance of fulfilling financial commitments.
NELFUND commends Hon. Laoshe for his integrity and remains dedicated to supporting Nigerian students through its educational programs.