The Nigerian Education Loan Fund (NELFUND) has announced some good news! Lanre Laoshe, who was a member of the House of Representatives, has paid back his student loan of N3.18 million, 45 years after borrowing from the government.
According to NELFUND’s spokesperson, Nasir Ayitogo, Lanre took a loan of N1,200 in 1979. Now, he has repaid the loan with added interest, making it N3.18 million.
Lanre Laoshe expressed his gratitude for the financial help he got from the Federal Government’s Student Loan Scheme during his school days.
He explained that to figure out the current value of the N1,200 loan, he used a table of exchange rates from 1972 to 1985 provided by the Central Bank of Nigeria (CBN).
NELFUND is happy to share that Hon. Lanre Laoshe has repaid his N1,200 student loan from 1976-1979 with N3,189,217.00.
Lanre, who used to be a Deputy Whip in the House of Representatives, is very thankful for the financial support he received from the Federal Government during his education years.
Using information from the Central Bank of Nigeria, he found out the current value of the N1,200 loan by looking at exchange rates from 1972 to 1985. the statement said.
Exchange Rate Difference
Ayitogo shared that Laoshe calculated the amount owed based on the exchange rate from 1979 and today’s rate in 2024.
Lanre then issued a bank draft via Polaris Bank Plc (No. 14670909) for this amount, showing his appreciation to the Federal Government for helping fund his education.
The table showed that in 1979, $1 was equal to N0.60, which made N1,200 equal to $2,013.42 back then.
Using today’s exchange rate of $1 = N1,583.98, Laoshe calculated that the loan is now worth N3,189,217.00.
He paid back this amount through a Polaris Bank Plc bank draft, showing his gratitude to the Federal Government for helping him during his education. the statement added.
What You Should Know
The new Student Loan Act of 2024 was created to make education easier to afford for all Nigerian students, no matter their financial situation.
This law is here to remove money problems that can stop students from going to college or university.
Money for NELFUND will come from different places, like a bit of taxes collected by important government agencies such as the Federal Inland Revenue Service, the Nigerian Immigration Service, and the Nigerian Customs Service.
The fund will also receive money from profits made from the government’s natural resources, education bonds, and donations from people and organizations.