In a gesture of appreciation for the financial assistance that marked his educational journey, Honourable Laoshe has decided to repay the loan he took from the Nigerian Education Loan Fund (NELFUND), with interest. The development, disclosed in an official statement on Tuesday, August 27, highlights the importance of commitment and gratitude to government support programmes.
Formerly serving as Deputy Whip in Parliament, Laoshe was a beneficiary of the now defunct Federal Government Student Loan Scheme. Recognizing the significant impact of the financial assistance on his academic journey, he deemed it essential to repay the loan with interest, thereby underscoring the importance of publicly funded education.
NELFUND commended Laoshe’s gesture, describing it as a concrete example of the positive influence of government support programmes on individuals, as well as the need to honour financial commitments made. In a statement issued by the organization’s communications department and signed by Nasir Ayitogo, the initiative is presented as a token of appreciation for the support received and a demonstration of accountability for financial obligations.
To determine the current amount equivalent to the initial loan of ₦1,200, Laoshe referred to historical exchange rates provided by the Central Bank of Nigeria. In 1979, the exchange rate was $1 = ₦0.596, which was equivalent to $2,013.42 at the time. Taking into account the current exchange rate of $1 = ₦1,583.98, the equivalent amount in contemporary currency was valued at ₦3,189,217.00 by Laoshe.
To formalize its appreciation for the educational support received from the Federal Government, Laoshe issued a bank cheque in the amount corresponding to this sum to NELFUND via Polaris Bank Plc. This symbolic gesture not only reflects his personal gratitude for the government support during his educational journey, but also highlights the importance of contributing to the sustainability of these support programs for future generations.
In conclusion, the generous act of the Honourable Laoshe towards NELFUND eloquently illustrates the positive impact of investments in education and the need to recognize and value the crucial role of government support programs in the development of individuals and society as a whole.