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The Federal Government allotted N7.15 trillion in FGN bonds between January and September 2026, representing a 106% increase from the N3.48 trillion allotted during the same period in 2025.
Nairametrics’ analysis of the Debt Management Office’s monthly auction results showed that the increase was driven by significantly higher allotments in several months, particularly January, June, July and August.
Despite lower allotments in February and April, the total for the first nine months more than doubled year-on-year.
The increase comes as the Federal Government continues to rely heavily on domestic debt instruments, with FGN bonds remaining the largest component of its domestic debt portfolio.
FGN bond allotments surge in 2026
The strongest monthly increase was recorded in June, when the DMO allotted N1.22 trillion in FGN bonds, compared with N100 billion in June 2025.
- January allotments rose to N1.54 trillion from N601.04 billion, an increase of 157%.
- July allotments climbed to N931.82 billion from N185.93 billion, representing a 401% increase.
- August allotments increased to N805.16 billion from N136.16 billion, up 491%.
- September allotments rose 29.8% to N748.64 billion from N576.62 billion.
The increases more than offset declines recorded in February and April, when allotments fell 42.4% and 30.4%, respectively, from their 2025 levels.
Investors subscribe N13.72 trillion
Demand for FGN bonds also remained substantial during the period, with total subscriptions reaching N13.72 trillion between January and September 2026.
January recorded subscriptions of N2.25 trillion, accounting for 16.4% of the nine-month total, while February followed with N2.70 trillion, representing 19.7%.
- March subscriptions stood at N1.50 trillion, or 10.9% of the total.
- June attracted N1.41 trillion, representing 10.3%.
- July recorded N1.70 trillion, accounting for 12.4%.
- August and September recorded N1.35 trillion and N1.36 trillion, respectively.
The difference between total subscriptions and allotments indicates that demand at the auctions was higher than the amount ultimately allotted to investors during the period.
FGN bonds dominate domestic debt
Nigeria’s total public debt stock stood at N166.79 trillion as of June 30, 2026, up from N159.35 trillion at the end of March. Domestic debt accounted for N91.59 trillion, or 54.91% of the total portfolio.
FGN bonds remained the largest component of Federal Government domestic debt, with an outstanding value of N64.84 trillion, representing 74.53% of FGN domestic debt.
Other instruments included FGN Sukuk at N1.19 trillion, savings bonds at N122.45 billion and green bonds at N47.36 billion. Promissory notes stood at N1.22 trillion.
The continued dominance of FGN bonds in the domestic debt portfolio underscores their role as a major financing instrument for the Federal Government as bond allotments increased sharply during the first nine months of 2026.
According to the DMO data, total public debt stood at N87.38 trillion as of June 30, 2023, shortly after Tinubu assumed office.
