Atiku Vows to Review NELFUND, Forgive Qualifying Student Debts
Former Vice President and presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has pledged to review the Nigerian Education Loan Fund (NELFUND) programme and introduce debt forgiveness for eligible Nigerian 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 was responding to a post by President Bola Tinubu on X, in which the President defended his administration’s economic policies and referenced NELFUND while criticising Atiku’s proposal to reduce energy costs.
The former vice president’s aide described the use of NELFUND as evidence of improved education affordability as “dishonest”, arguing that government should first address the rising cost of education rather than rely on loans to help students cope with higher expenses.
According to Shaibu, it was contradictory for an administration to increase the financial burden on students and families and then present student loans as the solution.
He described the approach as “witchcraft economics”, saying: “You make education more expensive, lend students money to survive the increase, and then demand applause for the rescue.”
Shaibu said Atiku had already reviewed the existing student-loan framework and would seek reforms that would reduce the underlying cost of education while providing debt relief for qualifying beneficiaries.
“Education should open doors, not mortgage the future,” he said, stressing that Nigerian graduates should not be forced to begin their working lives under the burden of education loans.
He further argued that student loans should not be equated with scholarships, insisting that the success of any education policy should be measured by whether ordinary families can afford to keep their children in school without resorting to borrowing.
The aide also dismissed claims that Atiku’s proposed intervention to reduce energy costs would negatively affect NELFUND, workers’ salaries or the minimum wage.
He challenged the presidency to provide evidence showing how a properly budgeted intervention involving Nigerian crude supplied for domestic refining would result in reduced funding for student loans or workers’ earnings.
Shaibu maintained that Atiku’s proposed energy policy would instead seek to ease the cost of living by reducing energy and transportation expenses.
“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 said.
He argued that lowering the cost of fuel and transportation would improve the purchasing power of workers and reduce the financial pressure on students and their families.
Shaibu accused the presidency of using fear to discourage students and workers from supporting Atiku’s economic proposals, insisting that cheaper energy would complement, rather than undermine, efforts to improve access to education.
