The 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 conveyed 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, provide debt relief 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 administration’s economic policies while criticising Atiku’s economic position without mentioning him by name.
Shaibu rejected the use of NELFUND by the Presidency as evidence that education had become more affordable under the Tinubu administration.
He argued that education costs had increased in some institutions before the government introduced loans to help students cope with the higher 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 described the policy approach as “witchcraft economics”, accusing the government of creating financial pressures for students and subsequently offering loans as a solution.
“You make education more expensive, lend students money to survive the increase, and then demand applause for the rescue. That is not affordability,” he said.
He maintained that student loans should not be portrayed as scholarships or evidence that education had become affordable, arguing that the real measure of education policy should be whether Nigerian families can keep their children in school without resorting to borrowing.
Shaibu also accused the Presidency of attempting to frighten students and workers by suggesting that Atiku’s proposal to reduce energy costs could undermine 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.
He said Atiku’s economic plan would instead focus on lowering energy and transportation costs, allowing workers’ incomes to go further while reducing the financial burden on students and households.
“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,” Shaibu said.
He added that the government could not make living and education costs more expensive, push students towards debt to cope with the resulting pressures and then present cheaper fuel as a threat to the same loans.
(Channels Tv)
