1970s Student Loan Fully Repayed By Former Lawmaker

1970s Student Loan Fully Repayed By Former Lawmaker....KINDLY READ THE FULL STORY HERE▶

Lanre Laoshe, a former House of Representatives member, has repaid his N1,200 student loan from the 1970s with N3,189,217.00 to the Nigerian Education Loan Fund (NELFUND), according to a statement released on Tuesday by NELFUND. Laoshe, who benefited from the now-defunct Federal Government Student Loan Scheme, expressed his gratitude for the financial aid he received during his education……CONTINUE READING 

Laoshe determined the current equivalent of the original loan amount by using historical exchange rates provided by the Central Bank of Nigeria. He calculated that the N1,200 loan from 1979, when the exchange rate was $1 = N0.596, would be equivalent to $2,013.42 at the time. With the current exchange rate of $1 = N1,583.98, this amount translates to N3,189,217.00 today.

In a gesture of appreciation, Laoshe issued a bank draft for this amount to NELFUND, honoring the support provided by the Federal Government. NELFUND commended Laoshe for his integrity and noted that his repayment highlights the positive impact of government support and the importance of fulfilling one’s commitments.

NELFUND remains dedicated to aiding Nigerian students in achieving their educational goals through its programs.