In what has been described as the epitome of personal integrity, a former
Member of the House of Representatives, Hon. Lanre Laoshe, has paid the N1,200 student loan he collected between 1976 and 1979, with the sum of N3,189,217.00.
To determine the current equivalent of the N1,200 loan, Laoshe said he obtained a table of average annual exchange rates from 1972 to 1985 from sources at the Central Bank of Nigeria (CBN).
He said the table indicated that in 1979, the exchange rate was $1.00 = N0.596, meaning that the sum of N1,200.00 was equivalent to $2,013.42 at the time.
Using the current exchange rate of $1.00 = N1,583.98, Hon. Laoshe calculated that the equivalent amount today would be N3,189,217.00.
Meanwhile, the Nigerian Education Loan Fund (NELFund), has confirmed the payment made in a Polaris Bank Plc bank draft (No. 14670909) by the former lawmaker.
Nasir Ayitogo, in a statement on behalf of the Director, Corporate Communications, on Tuesday, explained that the former lawmaker benefited from the defunct Federal Government Student Loan Scheme, and his action was in deep appreciation to the Federal Government for the financial support during his educational pursuit.
 “This act of goodwill and integrity by Hon. Laoshe serves as an inspiring example of the impact that government support can have on individuals and highlights the importance of honoring one’s commitments,” the statement read, in part.
“NELFund is deeply appreciative of Hon. Laoshe’s gesture and remains committed to supporting the educational aspirations of Nigerian students through its various programs.”
