Nigerian Lawmaker Repays N3 Million Student Loan Received in 1976 to NELFUND

• NELFUND announced that a former Deputy Whip has repaid his student loan received from 1976 to 1979
• The lawmaker received N1200 at the time, which amounted to the sum of N3,189,217.00 in 2024, giving the current exchange rate
• NELFUND acknowledged the payment and thanked the lawmaker for upholding integrity and showing good example

The Nigerian Education Loan Fund, NELFUND, has disclosed that Lanre Laoshe, a former member of the Nigerian National Assembly, has fully repaid his loan received by him between 1976 and 1979.

NELFUND made the announcement on Tuesday, acknowledging that the loan repayment was received in full.

The lawmaker received N1200 for three consecutive years but eventually paid N3,189,217.00 due to the current exchange rate.

During his days, the former Deputy Whip had benefited from an old, now defunct loan scheme.

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The statement read:

“The Nigerian Education Loan Fund (NELFUND) is pleased to announce that Hon. Lanre Laoshe, a former beneficiary of the Federal Government Student Loan Scheme, has graciously repaid his N1,200 student loan, received between 1976 and 1979, with the sum of N3,189,217.00.

“Hon. Laoshe, a distinguished former member of the House of Representatives and a former Deputy Whip, who benefited from the defunct Federal Government Student Loan Scheme expressed his deep appreciation for the financial support he received from the Federal Government during his educational pursuit.

“He stated that in order to determine the current equivalent of the N1,200 loan, he obtained a table of average annual exchange rates from 1972 to 1985 from sources at the Central Bank of Nigeria (CBN).

“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.

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“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.

“As a result, he issued a Polaris Bank Plc bank draft (No. 14670909) for this amount to NELFUND, marking his repayment as a token of gratitude to the Federal Government for the role it played in his educational journey.

“This act of goodwill and integrity by Hon. Laoshe serves as an inspiring example of government support's impact on individuals and highlights the importance of honoring one’s commitments.

“NELFUND is deeply appreciative of Hon. Laoshe’s gesture and remains committed to supporting the educational aspirations of Nigerian students through its various programs.”

NELFUND addresses concerns about delays

Meanwhile, Legit.ng earlier reported that Akintunde Sawyerr, the managing director (MD) of the Nigerian Education Loan Fund (NELFUND), has acknowledged the challenges of delays in the disbursement of the student loan scheme.

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Legit.ng reports that the NELFUND boss spoke during a student loan sensitisation programme organised by the National Association of Nigerian Students (NANS) in Port Harcourt, Rivers state, on Thursday, August 22.

Source: Legit.ng