Former Rep Hon. Lanre Laoshe Repays Federal Government Student Loan with N3.2 Million
He calculated that the original N1,200 loan was equivalent to $2,013.42 in 1979 and, using today's exchange rate, this amount translates to N3,189,217.00.
Binye-lum 
The Nigerian Education Loan Fund (NELFUND) announced that Hon. Lanre Laoshe, a former member of the House of Representatives, has repaid his N1,200 Federal Government student loan with N3,189,217.00. This repayment, which was made on August 27, 2024, reflects the current value of the original loan received between 1976 and 1979.
Hon. Laoshe expressed gratitude for the support he received during his education and used historical exchange rates to determine the present equivalent of the loan. He calculated that the original N1,200 loan was equivalent to $2,013.42 in 1979 and, using today's exchange rate, this amount translates to N3,189,217.00.
The repayment was made through a bank draft from Polaris Bank Plc, marking an inspiring gesture of integrity and appreciation for the government’s role in his educational journey. NELFUND acknowledged Hon. Laoshe’s action and reaffirmed its commitment to supporting Nigerian students.
