Last Updated on 3 months ago by Haruna Ayuba
NELFUND received 5,826 new student loan applications today, bringing the total to 1,586,622 since the portal launched on May 24, 2026. The fund has now disbursed ₦183.9 billion to 983,706 students across 265 institutions. Here’s what today’s numbers mean for your application.
Today’s Quick Stats
- Total Applications: 1,586,622
- Total Beneficiaries: 983,706 students
- New Applications Today: 5,826
- Daily Growth Rate: 0.4%
- Institutions Receiving Funds: 265
- Total Disbursed: ₦183,885,809,491
What Changed Today
Today’s report shows a 0.4% increase in new applications, with 5,826 Nigerian students submitting their loan requests. This represents a slight slowdown from last week’s average of around 7,000 daily applications, which is typical for mid-semester periods when fewer students are actively enrolling.
The total number of beneficiaries remains steady at 983,706, maintaining the approximately 62% approval rate we’ve tracked over the past month. This consistency tells us that NELFUND’s processing criteria and timelines are predictable, which is actually good news for applicants trying to plan their finances.
Total disbursements as of February 1, 2026 stand at ₦183.9 billion, with the breakdown showing ₦107.1 billion paid directly to institutions and ₦76.8 billion in student upkeep allowances. There’s been no significant change in disbursement amounts since yesterday’s report, which reflects the steady-state processing the fund has achieved.
What This Means for Students
The 0.4% growth rate is lower than we’ve seen in recent weeks, but this aligns with normal application patterns. Most students apply either at the start of the academic year or when facing immediate tuition deadlines. If you’re planning to apply, mid-semester periods like now actually work in your favor because processing times may be slightly faster with lower volume.
Your approval chances remain strong at around 62%, provided your application is complete. Based on the data we’ve been tracking, the key differentiator between approved and rejected applications comes down to documentation completeness. Students who submit verified academic records, complete guarantor information with proper identification, and accurate bank details see approval rates closer to 75-80%.
If you applied in late January, you should be hearing back this week or next. The current processing window remains at 14-21 business days for complete applications. The fact that disbursement numbers haven’t changed since February 1st suggests the fund may be preparing for the next batch payment cycle, which typically happens in the first week of each month.
Disbursement Breakdown
- Institutional Fees Paid: ₦107,086,869,491 (paid directly to 265 universities and polytechnics)
- Student Upkeep Allowances: ₦76,798,940,000 (paid to students’ accounts)
- Total Loan Disbursed: ₦183,885,809,491
The institutional fees represent 58% of total disbursements, while student upkeep accounts for 42%. This ratio has remained consistent since the program launched, showing that NELFUND is balancing both tuition coverage and living expense support effectively.
Pro Tip for Applicants
With application volume slightly lower this week, now is an excellent time to submit if you’ve been holding off. Lower daily volumes often correlate with faster initial processing. Make sure your guarantor’s information is complete and their identification documents are clear and legible, as this is where we see the most application delays.
Common Questions Answered
How long does NELFUND take to process applications?
Current processing times are running at 14-21 business days for complete applications. However, if your application requires additional verification, particularly around guarantor information or academic records, expect an additional 5-7 days. You can track your status in real-time by logging into your NELFUND portal dashboard at nelfund.gov.ng.
What happens to the disbursement if I’m already halfway through the semester?
NELFUND disburses funds regardless of when during the semester your application is approved. Institutional fees are paid directly to your school to cover your outstanding balance, while upkeep allowances are paid to your bank account. However, some institutions may have specific deadlines for accepting loan payments, so verify with your school’s bursary office.
We track NELFUND updates daily so you can focus on your education. Check back tomorrow for the latest numbers and insights.
