Former Vice-President Atiku Abubakar has promised to review Nigeria’s student loan policy and introduce debt forgiveness for qualifying beneficiaries if elected president in 2027.
Atiku’s position was disclosed by his Senior Special Assistant on Public Communication, Phrank Shaibu, in a statement issued on Tuesday in response to President Bola Tinubu’s criticism of the former vice-president’s economic proposals.
Shaibu said Atiku believes education should not leave young Nigerians burdened with heavy debts at the beginning of their working lives.
He said Atiku’s proposed approach would focus on reducing the underlying cost of education while providing forgiveness for qualifying student debts after a review of the Nigerian Education Loan Fund (NELFUND) policy.
According to him, the objective is to ensure that Nigerian students graduate with opportunities rather than overwhelming repayment obligations.
“A student loan is not a scholarship. It is a liability,” Shaibu said.
He argued that the success of an education policy should be measured by whether ordinary families can educate their children without being forced into debt simply to keep them in school.
Shaibu also criticised the Federal Government for increasing the cost of education and subsequently presenting student loans as the solution to the financial burden.
He described the approach as “witchcraft economics”, arguing that government should address the rising cost of education rather than encourage students to borrow to cope with it.
Atiku challenges Tinubu to publish calculations
Shaibu also rejected claims that Atiku’s proposed intervention to reduce energy and transportation costs could affect NELFUND, workers’ salaries or the minimum wage.
He challenged the Tinubu administration to publish its calculations showing how Atiku’s proposal would affect student loans and workers’ earnings.
“If your government has the arithmetic, Bola, publish it,” Shaibu said, insisting that the proposed intervention would be transparently budgeted and tied to Nigerian crude and domestic refining.
He maintained that Atiku’s proposal was designed to reduce the cost of living by lowering energy and transportation costs.
Shaibu argued that Nigerians should not be discouraged from supporting cheaper fuel on the grounds that it could affect student loans, workers’ salaries or the minimum wage.
The exchange is part of an escalating political dispute between Atiku’s camp and the Presidency over the management of the savings from petrol subsidy removal and competing economic proposals ahead of the 2027 general election.
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