Federal Government bond allotments more than double to N7.15tn

The Federal Government allotted N7.15tn worth of domestic bonds between January and September 2026, more than double the N3.48tn allotted during the corresponding period of 2025, according to an analysis of Debt Management Office auction results. The 106 per cent increase was driven by large allotments in January, June, July and August. January’s allotment rose to N1.54tn from N601.04bn a year earlier, while June reached N1.22tn compared with N100bn in June 2025.

July allotments increased to N931.82bn from N185.93bn, while August rose to N805.16bn from N136.16bn. September recorded N748.64bn, up 29.8 per cent from N576.62bn in the same month of 2025. The increases came despite declines in February and April, when allotments fell by 42.4 per cent and 30.4 per cent respectively from the previous year.

The larger rises in other months pushed the cumulative total significantly above the 2025 figure. Investor subscriptions reached N13.72tn during the nine-month period, exceeding the amount allotted. February recorded the highest subscription at N2.70tn, followed by January at N2.25tn.

Subscriptions were also N1.70tn in July, N1.50tn in March, N1.41tn in June, N1.35tn in August and N1.36tn in September. The difference between subscriptions and allotments indicates that investors submitted bids above the amounts accepted at the auctions. It also points to continued participation in the sovereign debt market as bond issuance increased.

As of June 30, 2026, Nigeria’s total public debt stood at N166.79tn, with domestic debt accounting for N91.59tn. FGN bonds represented N64.84tn, or 74.53 per cent of the Federal Government’s domestic debt portfolio.