Former Vice-President Atiku Abubakar has criticised the student loan scheme introduced by President Bola Tinubu’s administration, describing loans as liabilities rather than a solution to the rising cost of education.
Atiku promised to reduce the cost of education and introduce debt forgiveness for qualifying student borrowers if elected president in 2027.
His position was contained in a statement issued on Tuesday by Phrank Shaibu, his Senior Special Assistant on Public Communication.
Shaibu said Atiku had reviewed the Nigerian Education Loan Fund (NELFUND) policy in response to recent criticisms from the Tinubu administration over his economic proposals.
According to him, Atiku believes Nigerian students should not have to begin their working lives burdened by education debt.
“The good news for Nigerian students is that Atiku has reviewed the current student-loan policy,” Shaibu said.
“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.
“Education should open doors, not mortgage the future.”
Shaibu accused the Tinubu administration of making education increasingly expensive while providing loans to students to cope with the rising costs.
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He argued that the government should focus on making education affordable instead of presenting student loans as evidence that the education system is functioning.
“A student loan is not a scholarship. It is a liability,” he said.
“The proper test of an education policy is whether ordinary families can educate their children without being pushed into debt merely to keep them in school,” he said.
Atiku Challenges Tinubu Administration
Shaibu also rejected claims that Atiku’s proposal to reduce fuel costs could undermine NELFUND, workers’ salaries or the minimum wage.
He described the argument as “fearmongering dressed up as economics” and challenged the Tinubu administration to publish its calculations showing how the proposal would affect government funding for student loans and workers’ wages.
“If your government has the arithmetic, Bola, publish it,” Shaibu said.
He said Atiku’s proposal was designed to reduce the cost of living by lowering energy and transportation costs.
Shaibu argued that the government could not make living expenses more expensive, encourage students to depend on loans to cope with the consequences and then warn them that cheaper fuel could affect the student-loan programme.
The latest exchange is part of an ongoing political dispute between Atiku’s camp and the presidency over the former vice-president’s economic proposals, including his criticism of the government’s management of funds saved after the removal of petrol subsidy.
Rafiyat Sadiq is a political, justice, and human rights reporter with Pinnacle Daily, known for fearless reporting and impactful storytelling. At Pinnacle Daily, she brings clarity and depth to issues shaping governance, democracy, and the protection of citizens’ rights.