Nigeria Federal Government raises ₦7.15tn through domestic bonds in 2026

The Nigerian Federal Government significantly increased its domestic borrowing through the bond market during the first nine months of 2026. According to an analysis of Debt Management Office (DMO) auction results, the government allotted ₦7.15 trillion in FGN bonds, representing a 106 per cent increase compared to the ₦3.48 trillion allotted during the same period in 2025.

The surge in allotments was primarily driven by high volumes in four specific months: January (₦1.54 trillion), June (₦1.22 trillion), July (₦931.82 billion), and August (₦805.16 billion). These increases more than offset declines seen in February and April.

Investor demand remained robust, with total subscriptions reaching ₦13.72 trillion over the nine-month period, nearly double the amount actually allotted. While borrowing costs have shown signs of easing—with recent 10-year and 2038 bonds clearing at approximately 16.79 per cent and 16.85 per cent respectively—market analysts suggest investors should monitor interest-rate directions and disinflation trends.