Former House of Rep member Laoshe repays student loan after decades

Lanre Laoshe, a former member of the House of Representatives and Deputy Whip, has repaid his Federal Government Student Loan, originally taken out between 1976 and 1979, with a staggering amount of N3,189,217.00.

The announcement was made in a statement signed by Nasir Ayitogo, on August 2024, highlights Laoshe’s journey from student to public servant.

He expressed heartfelt thanks for the financial assistance that paved the way for his educational pursuits, emphasizing the lasting impact of government support on individual lives.

To contextualize his repayment, Hon. Laoshe meticulously calculated the current equivalent of his initial loan of N1,200. After consulting a table of average annual exchange rates from the Central Bank of Nigeria (CBN), he discovered that in 1979, N1,200 was valued at approximately $2,013.42. With today’s exchange rate standing at $1.00 = N1,583.98, he found that his obligation had grown to N3,189,217.00, a testament to the changing economic landscape.

Hon. Laoshe’s repayment, executed via a bank draft from Polaris Bank Plc, signifies more than just a financial transaction; it serves as a powerful reminder of the importance of honoring one’s commitments and the potential for government initiatives to transform lives.

NELFUND has expressed its deep appreciation for this act of goodwill, reinforcing its ongoing mission to support the educational aspirations of Nigerian students through various programs. Hon. Laoshe’s inspiring example encourages a new generation to recognize the value of their educational opportunities and the significance of giving back.