Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has pledged to review the Nigerian Education Loan Fund (NELFUND) scheme and introduce debt forgiveness for qualifying Nigerian students if elected.
Atiku’s position was conveyed by his Senior Special Assistant on Public Communication, Phrank Shaibu, in a statement on Tuesday, following President Bola Tinubu’s criticism of Atiku’s proposal to reduce energy costs.
Shaibu faulted the President for presenting NELFUND as evidence that education had become more affordable, arguing that rising education costs had pushed many families and students towards borrowing in the first place.
He said Atiku believed government should focus on reducing the underlying cost of education rather than relying on loans to cushion the impact of higher fees.
According to Shaibu, Atiku would review the existing student-loan framework and provide debt forgiveness for qualifying beneficiaries, with the aim of ensuring that young Nigerians do not begin their working lives burdened by education debt.
He argued that a loan should not be equated with a scholarship, insisting that the success of education policy should be measured by whether families can afford to keep their children in school without resorting to borrowing.
Shaibu also rejected claims that Atiku’s proposed intervention to reduce energy costs would undermine NELFUND, workers’ salaries or the minimum wage.
He challenged the Presidency to publish the calculations supporting its claim that the proposal would affect funding for students and workers.
Rather, he argued that lower energy and transportation costs would increase the purchasing power of workers’ incomes 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,” Shaibu said.
He maintained that Atiku’s proposal was aimed at making education and everyday living more affordable, rather than increasing Nigerians’ dependence on government-backed loans.