Atiku vows to
Review NELFUND, Forgive Students’ Debts
The Presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has promised to review the Nigerian Education Loan Fund (NELFUND) and introduce debt forgiveness for qualifying student borrowers if elected.
Atiku’s position was disclosed by his Senior Special Assistant on Public Communication, Phrank Shaibu, in a statement on Tuesday in response to President Bola Tinubu’s recent remarks on the student loan scheme.
Shaibu accused the President of being “dishonest” by presenting NELFUND as evidence that education had become more affordable under his administration.
He argued that the government had allowed education costs to rise before offering loans to students struggling to meet the increased financial burden.
“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,” Shaibu said.
He described the approach as “witchcraft economics”, arguing that government should first address the rising cost of education rather than encourage students to take on debt.
According to him, Atiku’s proposed education policy would focus on reducing the underlying cost of education while reviewing existing student debts.
“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,” he said.
Shaibu maintained that student loans should not be presented as a substitute for affordable education, stressing that the success of any education policy should be measured by whether ordinary families can keep their children in school without borrowing.
He also challenged the presidency to explain its claim that Atiku’s proposed intervention in the energy sector 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 said.
Shaibu said Atiku’s proposed reduction in energy costs would instead improve the purchasing power of workers and reduce the financial pressure on students and their families.
“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,” he added.
He argued that cheaper energy and transportation would leave students and workers with more disposable income, rather than undermine existing government programmes.
The former vice president’s proposal comes amid continuing political debate over the sustainability of NELFUND, the cost of tertiary education and the broader impact of economic reforms on Nigerian households.
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