Former House of Representatives Member Lanre Laoshe Repays Federal Government Student Loan After 45 Years

Lanre Laoshe, a former member of the House of Representatives and Deputy Whip, has made a remarkable gesture by repaying his Federal Government Student Loan after more than four decades. The loan, originally taken out between 1976 and 1979, was repaid with a staggering amount of N3,189,217.00.

The announcement was made in a statement signed by Nasir Ayitogo. The statement highlights Hon. Laoshe’s journey from a student to a public servant and underscores his gratitude for the financial assistance that paved the way for his educational pursuits. Hon. Laoshe emphasized the lasting impact of government support on individual lives.

To calculate the repayment amount, Hon. Laoshe meticulously adjusted his initial loan of N1,200 to its current equivalent. 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 at $1.00 = N1,583.98, the repayment amount had grown to N3,189,217.00, reflecting the changing economic landscape.

The 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 commitments and showcases the potential for government initiatives to transform lives.

The National Education Loan Fund (NELFUND) expressed its deep appreciation for Hon. Laoshe's 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.