Former Vice-President Atiku Abubakar has criticised the Federal Government’s student loan scheme, saying education should not leave young Nigerians burdened with debt.

Atiku, through his Senior Special Assistant on Public Communication, Phrank Shaibu, said he would reduce the underlying cost of education and introduce debt forgiveness for qualifying student borrowers if elected president in 2027.

Shaibu disclosed this in a statement on Tuesday while responding to President Bola Tinubu’s criticism of Atiku’s economic proposals ahead of the 2027 general election.

According to him, Atiku had reviewed the Nigerian Education Loan Fund (NELFUND) policy and believed the focus should be on making education affordable rather than expanding access to loans.

“The good news for Nigerian students is that Atiku has reviewed the current student-loan policy,” the statement 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.”

Shaibu argued that a student loan should not be presented as a scholarship, describing it instead as a liability that could place additional financial pressure on graduates.

He accused the Tinubu administration of making education increasingly expensive and then offering loans to students struggling with the higher costs.

“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,” he said.

Shaibu maintained that the effectiveness of education policy should be measured by whether ordinary families can afford to educate their children without taking on debt.

He also rejected claims that Atiku’s proposal for targeted and capped production support could undermine NELFUND, workers’ salaries or the national minimum wage.

According to him, the Tinubu administration should publish its calculations showing how Atiku’s proposed economic measures would affect funding for student loans and workers’ wages.

“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,” Shaibu said.

He explained that Atiku’s argument for targeted subsidy intervention was primarily aimed at reducing the cost of living by lowering energy and transportation expenses.

Shaibu further accused the government of attempting to discourage students and workers from supporting cheaper fuel by portraying Atiku’s proposal as a threat to student loans and wages.

“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,” he said.

The statement adds to the growing political exchanges between Atiku’s camp and the Presidency over economic policy, particularly the management of funds saved from the removal of the petrol subsidy.

The dispute is expected to intensify as political parties and presidential aspirants begin positioning their economic programmes ahead of the 2027 general election.