2027: Atiku Pledges Student Loan Debt Forgiveness, NELFUND Review

 

By Abdullahi Musa 

The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has pledged to review the Nigerian Education Loan Fund (NELFUND) scheme and introduce debt forgiveness for qualifying student borrowers if elected president in 2027.

Atiku’s Senior Special Assistant on Public Communication, Phrank Shaibu, disclosed this in a statement on Tuesday while responding to comments by President Bola Ahmed Tinubu on the former vice president’s economic proposals.

Shaibu criticised the Tinubu administration for presenting NELFUND as evidence that education had become more affordable, arguing that students were being offered loans after families had already been confronted with rising education costs.

He described the situation as contradictory, saying government should focus on reducing the cost of education rather than increasing expenses and subsequently offering loans to students struggling to cope.

“Celebrating NELFUND as proof that education has become affordable under your government is like setting school fees on fire and then boasting that you lent students a bucket of water,” Shaibu said.

He further accused the administration of pursuing what he described as “witchcraft economics” by making education more expensive, providing loans to students to cope with the increased costs and then seeking credit for the intervention.

According to Shaibu, Atiku has reviewed the existing student-loan framework and believes young Nigerians should not be forced to begin their working lives burdened by substantial education debts.

He said an Atiku administration would seek to reduce the underlying cost of education while introducing debt forgiveness for qualifying student loans following a review of the scheme.

“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,” he said.

Shaibu also argued that NELFUND loans should not be presented as scholarships, insisting that the effectiveness of education policy should ultimately be measured by whether ordinary Nigerian families can afford to keep their children in school without borrowing.

The ADC spokesperson also challenged the Presidency to provide evidence for its claim that Atiku’s proposal to reduce energy costs could negatively affect NELFUND, workers’ salaries or the minimum wage.

“If your government has the arithmetic, Bola, publish it. Show Nigerians, line by line, how a transparently budgeted subsidy tied to Nigerian crude and domestic refining suddenly empties NELFUND or workers’ pay packets,” he said.

Shaibu maintained that Atiku’s proposal would instead focus on reducing the cost of living by lowering energy and transportation expenses.

He argued that cheaper energy would improve workers’ purchasing power, while reduced transportation costs would allow Nigerians to retain more of their earnings.

“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.

The Atiku campaign further argued that Nigerians should not be forced to choose between affordable living costs and access to education financing.

“You cannot make life painfully expensive, push students towards debt to survive the consequences, and then frighten those same students that cheaper fuel will take their loans away,” Shaibu added.

The latest exchange comes as political parties and presidential aspirants intensify their policy debates ahead of the 2027 general elections, with education costs, student financing, energy prices and the broader cost-of-living crisis emerging as major issues in the political discourse.