Government debt claims 80% of new and supplementary listings on NGX

Government securities dominated new and supplementary listings on the Nigerian Exchange (NGX) in the first nine months of 2026, accounting for approximately N11.08 trillion, or 80% of the N13.86 trillion in identifiable listing value recorded during the period.

This is according to the latest Nigerian Exchange Regulation (NGX RegCo) X-Compliance Report, published last weekend, which detailed securities admitted to the Exchange during the year.

The figures highlight the significant contribution of government securities to capital-market activity, with Federal Government instruments alone accounting for approximately N10.535 trillion.

Government Listings reach N11.08 trillion:

Schedule 10 of the NGX RegCo X-Compliance Report recorded approximately 109 transactions involving government securities, corporate debt, rights issues, public offers, private placements and other instruments. Federal Government securities represented the largest single category by listing value.

• The report also captured additions to existing FGN bond lines, including the 15.45% FGN June 2038, 16.2499% FGN April 2037 and 22.60% FGN January 2035 bonds.
• Federal Government securities accounted for approximately N10.535 trillion in identifiable listing value during the period.
• The FGN Roads Sukuk Company 1 Plc contributed another N300 billion through its seven-year 19.75% Ijarah Sukuk, bringing the Federal Government-related total to N10.835 trillion.
• Lagos State Government bonds added N244.815 billion, comprising a N230 billion Series 4 10-year 16.25% bond and a N14.815 billion Series 3 five-year 16% green bond.
• The 15.45% FGN June 2038 bond appeared in multiple listings, including additions valued at N710.01 billion, N1.373 trillion and N354.63 billion.

Together, the Federal Government securities, Sukuk and Lagos State bonds accounted for approximately N11.08 trillion, leaving about N2.78 trillion attributable to corporate and other non-government transactions.

Bond Reopenings drive Government Listings:

The concentration of government securities reflects the continued use of existing FGN bond lines to mobilise financing through the domestic capital market. Several instruments appearing prominently in the NGX RegCo report were also featured in recent Debt Management Office (DMO) bond auctions.

• Nairametrics previously reported substantial allotments across the January 2035, April 2037 and June 2038 FGN bonds during July and August.
• In August, the DMO allotted N1.56 trillion across three FGN bonds following subscriptions of N1.73 trillion, again featuring the January 2035, April 2037 and June 2038 instruments.
• In July, the DMO allotted N929.32 billion across three FGN bonds after receiving N1.74 trillion in investor bids.
• The July auction featured the 22.60% FGN January 2035, 16.2499% FGN April 2037 and 15.45% FGN June 2038 instruments.

Other major listings in the NGX RegCo report included N888.63 billion of the 16.79% FGN September 2036 bond, N817.07 billion of the 19.00% FGN February 2034 bond and N1.370 trillion of the 17.95% FGN June 2032 bond.

Nairametrics also reported in September that the June 2038 bond had become an important source of Federal Government borrowing in 2026, having been reopened several times since its introduction in 2023.

Government Securities account for 80%:

The N11.08 trillion government-related listing value represents approximately four out of every five naira in identifiable new and supplementary securities listings during the first nine months of 2026. Corporate and other non-government transactions accounted for the remaining N2.78 trillion.

• The dominance of sovereign securities comes against the backdrop of elevated government financing requirements and continued domestic borrowing activity.
• Nairametrics previously reported that Nigeria’s 2026 budget was presented with a N23.85 trillion deficit, with fresh borrowing expected to contribute significantly towards financing the gap.
• The Federal Government subsequently raised its 2026 borrowing plan to N29.20 trillion, following an increase in the fiscal deficit to N31.46 trillion. It states that borrowing would account for the bulk of deficit financing.

The DMO’s domestic borrowing programme has remained an important source of activity in Nigeria’s fixed-income market.

• Nairametrics also reported the listing of Lagos State’s two bonds, valued at approximately N244.82 billion, on FMDQ under the state’s N1 trillion Debt and Hybrid Instrument Issuance Programme.
• The NGX RegCo figures cover new and supplementary securities listings, including additions to existing instruments, rather than exclusively new securities issued for the first time.

The figures therefore illustrate the scale of government-related securities entering the market and the extent to which Federal and State Government debt instruments continue to shape Nigeria’s capital-market listing activity.