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Federal Government of Nigeria (FGN) Savings Bond allotments rose by N11.02 billion to N47.25 billion in the first nine months of 2026, from N36.23 billion recorded in the corresponding period of 2025.
This is according to Nairametrics’ analysis of the Debt Management Office’s (DMO) monthly auction results for the FGN Savings Bond.
The increase was supported by stronger allotments in January, February, July, August and September, although some months recorded lower allocations than in the corresponding period of 2025.
Savings bond allotments reach N47.25 billion
The DMO allotted N47.25 billion through the FGN Savings Bond between January and September 2026, compared with N36.23 billion during the same period in 2025.
- January allotments rose from N4.31 billion in 2025 to N6.34 billion in 2026, while February increased from N4.18 billion to N5.91 billion.
- March and April recorded declines, with allotments falling from N4.46 billion and N4.34 billion in 2025 to N3.86 billion and N3.64 billion respectively in 2026.
- July allotments increased to N6.19 billion from N4.27 billion, while August rose to N5.86 billion from N3.32 billion.
- September recorded the highest monthly allotment in the period at N6.69 billion, up from N3.05 billion in September 2025.
The September result followed allotments of N6.19 billion in July and N5.86 billion in August, contributing to the stronger second-half performance.
Government borrowing remains elevated
The increase in savings bond allotments comes against the backdrop of a larger Federal Government borrowing programme and a rising public debt stock.
- Nigeria’s total public debt stood at N166.79 trillion as of June 30, 2026, up from N159.35 trillion at the end of March, while domestic debt accounted for N91.59 trillion, or 54.91% of the total.
- FGN bonds remained the largest component of Federal Government domestic debt, with an outstanding value of N64.84 trillion, representing 74.53% of the portfolio.
- The Federal Government increased its planned borrowing for 2026 to N29.20 trillion following an expansion in the proposed budget size and fiscal deficit.
- The DMO issues FGN securities to support government financing needs and refinance maturing obligations.
The higher borrowing requirement provides the broader context for continued issuance across different Federal Government securities, including savings bonds.
FGN Savings Bonds target retail investors
FGN Savings Bonds are designed as accessible government securities, with units sold at N1,000 and a minimum subscription of N5,000.
Investors can make additional subscriptions in multiples of N1,000, subject to a maximum subscription of N50 million.
The securities are backed by the full faith and credit of the Federal Government of Nigeria and qualify as government securities under relevant tax laws.
The bonds qualify as an investment instrument for trustees under the Trustee Investment Act and as a liquid asset for banks’ liquidity ratio calculations.
The FGN Savings Bonds are also listed on the Nigerian Exchange, providing investors with an additional avenue for participation in government securities.
