Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has promised to overhaul Nigeria’s student-loan system and consider debt forgiveness for qualifying beneficiaries if elected.
The pledge was disclosed by his Senior Special Assistant on Public Communication, Phrank Shaibu, in a statement issued Tuesday.
According to Shaibu, Atiku believes Nigerian graduates should not be forced to enter the workforce already burdened by education loans.
He said an Atiku administration would focus first on bringing down the cost of education before reviewing the existing Nigerian Education Loan Fund (NELFUND) framework and introducing debt relief for students who meet specified conditions.
“Education should open doors, not mortgage the future,” Shaibu said.
Atiku: Loans Do Not Make Education Affordable
The statement followed comments by President Bola Tinubu on X, where the President defended his economic policies while taking aim at Atiku’s economic position.
Shaibu rejected the Presidency’s use of NELFUND as evidence that education had become more affordable under the Tinubu administration.
He argued that providing loans after education costs have risen does not solve the underlying affordability problem.
According to him, government cannot allow school expenses to climb beyond the reach of ordinary families and then point to student loans as proof that education has become accessible.
He likened the approach to “setting school fees on fire and then boasting that you lent students a bucket of water.”
Shaibu went further, branding the policy approach “witchcraft economics.”
“You make education more expensive, lend students money to survive the increase, and then demand applause for the rescue,” he said.
‘Students Should Not Graduate Into Debt’
Shaibu maintained that NELFUND loans should not be portrayed as scholarships or as proof that higher education is affordable.
He said the real measure of a successful education policy should be whether families can keep their children in school without being forced to borrow.
Atiku’s proposed approach, he said, would tackle the cost of education itself while providing debt forgiveness for qualifying student borrowers following a review of the existing system.
The campaign argues that young Nigerians should be able to graduate and begin their careers without being weighed down by substantial education debt.
Energy Costs Also Part of the Argument
Shaibu also pushed back against claims that Atiku’s proposed energy-cost reduction plan could threaten NELFUND, workers’ salaries or the minimum wage.
He challenged the Presidency to publish the figures supporting such claims.
“If your government has the arithmetic, Bola, publish it,” Shaibu said, demanding details on how a subsidy tied to Nigerian crude and domestic refining would affect funding for student loans or workers’ pay.
Instead, he argued that lower energy and transportation costs would give Nigerians greater purchasing power.
According to him, cheaper energy would allow workers to stretch their salaries further, while lower transport costs would reduce the amount students and families spend simply getting around.
“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.
The dispute places NELFUND at the centre of a wider political argument over whether Nigeria’s student-loan scheme is expanding access to education or merely helping families cope with rising education costs.
NELFUND is the federal agency responsible for administering Nigeria’s student-loan programme.
Atiku Promises NELFUND Overhaul, Debt Forgiveness for Students
