The Federal Government has announced allotment results for the February 2026 Savings Bond offer, with total subscriptions exceeding N5.9 billion across the two- and three-year tenors.
The figures were released by the Debt Management Office (DMO), which oversees the Federal Government’s domestic borrowing programme.
The outcome reflects sustained retail investor interest in government-backed securities despite interest rate volatility and shifting market conditions.
The February 2026 offer comprised two instruments: a two-year and a three-year Federal Government of Nigeria (FGN) Savings Bond, both carrying double-digit coupon rates. The subscription window opened on February 2 and closed on February 6, 2026, while settlement was completed on February 11, 2026.
What the data is saying
The allotment data shows that a total of N5.913 billion was raised from retail investors under the February 2026 window. The three-year tenor recorded stronger value-based demand compared to the two-year instrument.
- The 14.356% FGN Savings Bond due February 2028 recorded a total allotment of N1.514 billion from 2,631 successful subscriptions.
- The 15.356% FGN Savings Bond due February 2029 attracted N4.398 billion from 2,195 subscriptions.
- Combined, the two bonds raised approximately N5.913 billion for the Federal Government.
Coupon payments on both bonds are scheduled quarterly on May 11, August 11, November 11, and February 11 throughout the life of the instruments, offering investors a steady income stream.
Get up to speed
The FGN Savings Bond programme was introduced to deepen the domestic bond market and encourage broader retail participation in government securities. It was designed to lower the entry barrier for small and medium-scale investors who may not typically participate in primary market auctions of treasury instruments.
- The bonds are backed by the full faith and credit of the Federal Government of Nigeria, making them relatively low-risk.
- They are structured with affordable minimum subscription amounts to promote financial inclusion and a savings culture.
- The DMO conducts monthly offers to maintain consistent retail engagement in the debt market.
Over the years, the programme has become a steady funding source for the government while providing fixed-income investment options for conservative investors.
More insights
The three-year bond, which offered a higher coupon rate of 15.356%, attracted significantly stronger demand in value terms, matching the rate that was offered in January.
The two-year bonds were offered at a coupon rate of 14.356%, the same rate as in January.
What you should know
FGN Savings Bonds remain a key component of Nigeria’s retail debt strategy and are issued monthly by the DMO. They form part of the Federal Government’s broader domestic borrowing plan aimed at financing budget deficits and supporting fiscal operations.
- The bonds are considered low-risk because they are sovereign-backed.
- Investors receive guaranteed principal repayment at maturity.
- Interest is paid quarterly, making them suitable for income-focused investors.
With continued double-digit yields and structured quarterly payouts, the FGN Savings Bond programme is likely to remain attractive to retail investors seeking stable fixed-income returns in Nigeria’s evolving interest rate environment.
