Former House of Representatives member, Hon. Lanre Laoshe, has repaid a student loan of N3.18 million

Former House of Representatives member, Hon. Lanre Laoshe, has repaid a student loan of N3.18 million 45 years after initially borrowing from the government, according to the Nigerian Education Loan Fund (NELFUND).

NELFUND spokesperson Nasir Ayitogo announced that Laoshe, who took out a loan of N1,200 in 1979, has fully repaid it with interest. Laoshe expressed his gratitude for the financial assistance he received from the now-defunct Federal Government Student Loan Scheme during his studies.

To determine the current value of the original loan, Laoshe consulted historical exchange rate data from the Central Bank of Nigeria (CBN). In 1979, the exchange rate was $1.00 = N0.596, making the N1,200 loan equivalent to $2,013.42. With the current exchange rate of $1.00 = N1,583.98, the equivalent repayment amount today is N3,189,217.00.

Laoshe issued a bank draft for this amount to NELFUND, expressing his appreciation to the Federal Government. The revised Student Loan Act of 2024 aims to improve accessibility to education for all Nigerian students by addressing financial barriers and will be supported by various funding sources, including taxes, natural resource profits, education bonds, and contributions from individuals and organizations.