Atiku challenges Tinubu’s student loan policy, pledges debt relief

Former Vice-President Atiku Abubakar has promised to reduce the cost of education and forgive qualifying student debts if elected president in 2027.

Atiku’s Senior Special Assistant on Public Communication, Phrank Shaibu, announced the proposal in a statement on Tuesday while responding to President Bola Tinubu’s criticism of the former vice-president’s economic plans.

Shaibu said Atiku had reviewed the Nigerian Education Loan Fund policy and concluded that education financing should not leave young Nigerians facing years of repayment obligations.

“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.

He described student loans as liabilities rather than scholarships, arguing that affordability should be measured by whether ordinary families can educate their children without accumulating debt.

“A student loan is not a scholarship. It is a liability,” Shaibu said. “Education should open doors, not mortgage the future.”

He accused the Tinubu administration of allowing education costs to rise and subsequently presenting loans as the solution to the financial pressure confronting students and their families.

“That is not affordability. It is witchcraft economics: create the burden with one hand, offer debt with the other, and demand applause for the intervention,” Shaibu said.

Atiku’s proposal did not specify the categories of borrowers who would qualify for debt forgiveness, how much would be written off or how the programme would be financed. It also did not state whether the relief would cover existing beneficiaries alone or extend to future loans.

The NELFUND programme currently provides interest-free loans covering institutional charges and upkeep for eligible students. Under its repayment terms, employed beneficiaries are expected to begin repayment two years after completing the National Youth Service Corps programme, with 10% of their monthly salaries deducted at source.

Shaibu also rejected the government’s suggestion that Atiku’s proposal to support domestic fuel production and lower petrol prices could reduce funding for student loans, workers’ salaries and the minimum wage.

He challenged the administration to publish calculations showing how Atiku’s proposed targeted and capped fuel support would affect NELFUND or public-sector wages.

“If your government has the arithmetic, publish it,” he said.

Atiku’s camp maintained that lowering energy and transportation costs would improve the real value of workers’ incomes and reduce the financial pressures driving students towards loans.

The exchange is the latest in a series of disputes between Atiku and the presidency over the removal of petrol subsidies, the management of the resulting savings and the effect of government reforms on household living costs.

SOURCE: NEWSSCROLL