ADC chieftain Dino Melaye has criticised the Nigerian Education Loan Fund over its ₦20,000 monthly upkeep payment to student beneficiaries, alleging corruption in the management of the scheme. NELFUND’s official platform confirms that ₦20,000 is the approved monthly upkeep allowance under the student loan programme.
African Democratic Congress (ADC) chieftain Dino Melaye has accused the Nigerian Education Loan Fund (NELFUND) of being a “haven of corruption,” questioning the value of the ₦20,000 monthly upkeep allowance provided to students under the Federal Government’s student loan programme.
Melaye’s criticism comes amid renewed attention on the management and accountability of the student loan scheme, which was established to provide interest-free financial support to eligible Nigerian students in tertiary institutions.
The former Kogi West senator faulted the amount being provided to students as monthly upkeep, describing the ₦20,000 payment as inadequate and linking his criticism to what he alleged were corruption concerns within the administration of the scheme.
However, NELFUND’s official student-loan platform confirms that ₦20,000 is the approved monthly upkeep allowance for beneficiaries. The agency says the student loan covers approved institutional charges and upkeep, with the upkeep component paid directly into the bank account supplied by the student.
NELFUND had also clarified in March 2026 that the approved monthly upkeep allowance remained ₦20,000, following reports suggesting that the amount had been increased to ₦25,000. The Fund advised students to rely on its official communication channels for updates on the scheme.
The student loan programme has expanded considerably since its introduction. NELFUND’s current platform reports more than 1.4 million registered students and over 1.8 million loan applications, while the scheme provides for payments covering institutional charges and student upkeep.
Concerns about accountability within the programme have previously led to official investigations and responses. In 2025, the Federal Ministry of Education announced an investigation into allegations that some universities had made unauthorised deductions from NELFUND funds meant for students. The ministry said any proven diversion or unauthorised deduction would undermine the purpose of the programme.
More recently, NELFUND and the Economic and Financial Crimes Commission (EFCC) signed a Memorandum of Understanding aimed at strengthening accountability around recovered funds allocated to the student loan scheme. The collaboration is intended to improve financial controls, information sharing and safeguards against diversion.
EFCC Chairman Ola Olukoyede also urged NELFUND to strengthen preventive measures and ensure that funds approved for students reach the intended beneficiaries. He said the EFCC would work with the Fund to identify vulnerabilities and strengthen internal controls rather than waiting for funds to be stolen before taking action.
NELFUND Managing Director Akintunde Sawyerr has maintained that the Fund's operations are largely electronic, with applications, approvals and disbursements processed through its systems. He said payments to students are made directly into their bank accounts using identifiers including NIN, JAMB registration details, matriculation numbers and BVN for verification.
Melaye's latest comments therefore place the administration of the student loan scheme back in the centre of public debate, particularly over the adequacy of the upkeep allowance and the need for transparency in the handling of funds.
While Melaye has made an allegation of corruption, the ₦20,000 figure itself is not an unexplained deduction or newly introduced amount; it is the monthly upkeep allowance officially stated by NELFUND. Any claim that corruption has occurred within the scheme would require evidence establishing specific financial misconduct.
The debate is likely to continue as the Federal Government expands the student loan programme and seeks stronger mechanisms to ensure that funding intended to remove financial barriers to higher education reaches eligible Nigerian students.