Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has pledged to review the Nigerian Education Loan Fund (NELFUND) scheme and introduce debt forgiveness for qualifying students if elected.
Atiku’s position was disclosed by his Senior Special Assistant on Public Communication, Phrank Shaibu, in a statement issued on Tuesday evening.
Shaibu said Atiku believes Nigerian students should not be forced to begin their working lives burdened by heavy education debts.
According to him, the former vice president would prioritise reducing the cost of education and, following a review of the existing student-loan system, implement debt forgiveness for students who meet specified conditions.
“His approach will reduce the underlying cost of education and, after review, provide forgiveness for qualifying student debts so that young Nigerians can graduate with hope rather than repayment burdens. Education should open doors, not mortgage the future,” Shaibu said.
The statement followed a post by President Bola Tinubu on X, in which the President defended his economic policies while criticising Atiku’s position on the economy without mentioning him by name.
Shaibu rejected the Presidency’s portrayal of NELFUND as evidence that education had become more affordable under the Tinubu administration.
He argued that the government had permitted education costs to rise in some institutions before introducing loans for students struggling to meet the increased fees.
“Celebrating NELFUND as proof that education has become affordable under your government is like setting school fees on fire and then boasting that you lent students a bucket of water,” he said.
Shaibu questioned the rationale behind allowing school fees to rise sharply in some institutions before presenting student loans as a solution.
“What exactly is the wisdom in presiding over dramatic increases in school fees in some institutions, only to turn around and celebrate loans as the solution?” he asked.
He described the policy as “witchcraft economics,” arguing that the government was creating financial pressure for students and subsequently offering loans to address the consequences.
“You make education more expensive, lend students money to survive the increase, and then demand applause for the rescue. That is not affordability. It is witchcraft economics: create the burden with one hand, offer debt with the other, and demand applause for the intervention.”
According to Shaibu, student loans should not be portrayed as scholarships or as evidence that education has become affordable.
He said the real measure of an effective education policy should be whether Nigerian families can keep their children in school without having to borrow to meet the cost.
Shaibu also accused the Presidency of attempting to frighten students and workers by suggesting that Atiku’s proposed plan to reduce energy costs could affect NELFUND, workers’ salaries or the minimum wage.
“If your government has the arithmetic, Bola, publish it. Show Nigerians, line by line, how a transparently budgeted subsidy tied to Nigerian crude and domestic refining suddenly empties NELFUND or workers’ pay packets,” he demanded.
Shaibu maintained that Atiku’s proposed policies would instead focus on lowering energy and transportation costs, enabling workers’ incomes to go further while reducing the amount students and families spend on basic necessities.
“Reduce the cost of energy so that salaries buy more. Reduce transport costs so that less of a worker’s wage disappears merely getting to work. You cannot make life painfully expensive, push students towards debt to survive the consequences, and then frighten those same students that cheaper fuel will take their loans away,” he said.
