The Federal Government raised N7.15trn through Federal Government of Nigeria bonds in the first nine months of 2026, more than doubling the amount allotted during the corresponding period of 2025.
An analysis of monthly bond auction results published by the Debt Management Office showed that the 2026 figure represents a 106 per cent increase from the N3.48trn allotted between January and September 2025.
The sharp increase reflects the government’s growing reliance on the domestic capital market to finance its spending and funding requirements.
The biggest increases were recorded in January, June, July and August.
In January, the government allotted N1.54trn, compared with N601.04bn in the same month of 2025, representing a 157 per cent increase.
June recorded an even sharper rise, with N1.22trn allotted compared with N100bn a year earlier.
In July, bond allotments climbed to N931.82bn from N185.93bn, an increase of 401 per cent, while August recorded N805.16bn, up from N136.16bn, representing a 491 per cent increase.
September also recorded higher allotments, rising by 29.8 per cent to N748.64bn from N576.62bn in September 2025.
The increases came despite declines in some months. Bond allotments fell by 42.4 per cent in February and 30.4 per cent in April compared with the corresponding periods of 2025.
Investor demand for government securities remained strong throughout the period.
Total subscriptions for FGN bonds reached N13.72trn between January and September 2026, significantly higher than the amount ultimately allotted by the government.
February recorded the highest subscription at N2.70trn, followed by January with N2.25trn. Investors also subscribed to N1.70trn in July, N1.50trn in March, N1.41trn in June, N1.35trn in August and N1.36trn in September.
The gap between total subscriptions and actual allotments indicates that investors submitted bids exceeding the amounts the government accepted at the respective auctions.
The increased bond issuance comes as FGN bonds remain the dominant instrument in the government’s domestic debt portfolio.
As of June 30, 2026, Nigeria’s total public debt stood at N166.79trn, with domestic debt accounting for N91.59trn, or 54.91 per cent of the total.
FGN bonds made up the largest share of the Federal Government’s domestic debt, with an outstanding value of N64.84trn, representing 74.53 per cent of its domestic debt portfolio.
Other domestic instruments included FGN Sukuk worth N1.19trn, savings bonds valued at N122.45bn, green bonds at N47.36bn and promissory notes amounting to N1.22trn.
The figures highlight the central role of the domestic bond market in the Federal Government’s financing programme and the continued strong demand for Nigerian sovereign debt.
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