A PAST beneficiary of the federal government student loan scheme, Lanre Laoshe, has repaid the student loan of N1,200 he took between 1976 and 1979 with N3.1 million.
The Nigerian Education Loan Fund (NELFUND) disclosed that the former member of the House of Representatives made the payment in a statement.
The statement showed that Laoshe, who benefited from the defunct Federal Government Student Loan Scheme, expressed gratitude for the financial assistance he received during his school days.
According to NELFUND, Laoshe said to calculate the current value of the N1,200 loan, he consulted with the Central Bank of Nigeria (CBN) and obtained a table of average annual exchange rates spanning from 1972 to 1985, which enabled him to determine the loan’s equivalent value in today’s terms.
The statement partly read,” 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,”
The NELFUND described Laoshe’s repayment of the loan as a shining example of integrity and the positive impact of government support on citizens.
The student loan body said Laoshe’s action underscored the importance of fulfilling one’s obligations.
The organisation reaffirmed its dedication to empowering Nigerian students through its various programmes
Tinubu signed the new Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law on Wednesday, April 3, following approval by the Senate on Wednesday, March 20.
The chairman of the Senate committee on tertiary institutions and TETFUND, Muntari Dandutse, presented a report on the bill to the Senate the same day.
Tinubu first signed the bill into law in June 2023 to enable students in need to access interest-free loans to pursue their education in any tertiary institution in the country.
However, its implementation was postponed.
In April, Tinubu approved the appointment of a managing director (MD) and two executive directors to serve on the management team of the organisation.
The appointees are Akintunde Sawyerr, MD; Frederick Akinfala, executive director of finance and administration, and Mustapha Iyal executive director of operations.
The Special Adviser on Media and Publicity to the president, Ajuri Ngelale, said the appointments were in line with the determination of the president to secure Nigeria’s socio-economic future by ensuring sustainable higher education and critical skill development for all Nigerian students and the youth.
The organisation has since commenced operation, supporting students of public tertiary institutions.
A reporter with the ICIR
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