DMO raises N5.06 billion from November savings bonds, down 17.4%

The Debt Management Office (DMO) raised N5.06 billion through its November 2026 Federal Government of Nigeria (FGN) Savings Bond offer, representing a 17.4% decline from the N6.12 billion allotted in October.

This is according to the latest circular published by the DMO on its website on Thursday.

The November allotment comprised N746.01 million from the two-year bond and N4.31 billion from the three-year instrument, according to the DMO’s allotment results.

The offer, which ran from November 2 to 6, settled on November 11, with annual interest rates of 13.25% and 14.25% for the two-year and three-year bonds, respectively.

November savings bond allotments decline

The decline in allotment was accompanied by a reduction in the number of subscriptions received.

• The two-year November 2028 bond attracted 968 subscriptions and received an allotment of N746.01 million.
• The three-year November 2029 bond recorded 2,390 subscriptions, with N4.31 billion allotted.
• In October, the two-year bond attracted 1,261 subscriptions and received N1.02 billion in allotments.
• The three-year October 2029 bond recorded 2,678 subscriptions, with N5.11 billion allotted.

The combined November allotment was approximately N1.06 billion lower than October’s N6.12 billion, indicating a decline in the amount allocated to investors through the retail government securities offer.

November bond rates rise from October

Despite the lower allotment, the DMO increased the interest rates offered on both savings bond tenors in November.

Nairametrics earlier reported that the DMO opened its November 2026 FGN Savings Bond offer, setting the two-year rate at 13.25% and the three-year rate at 14.25% per annum.

• The three-year rate was higher than the 14.071% offered in October, while the two-year rate also rose from 13.071% to 13.25%, according to the October offer details.
• Both November bonds mature on November 11 of their respective maturity years: 2028 for the two-year instrument and 2029 for the three-year bond. Interest payments are scheduled quarterly on February 11, May 11, August 11 and November 11.

FGN savings bond allotments in 2026

The November result follows a period of higher allotments in the retail government securities market during the first nine months of 2026.

• The DMO allotted N47.25 billion in FGN Savings Bonds between January and September 2026.
• This was N11.02 billion above the N36.23 billion allotted during the corresponding period of 2025, representing an increase of about 30.4%.
• Nairametrics previously reported the rise in its review of FGN Savings Bond allotments for the first nine months of 2026.

The savings bond programme forms part of the government’s domestic borrowing instruments, while the DMO also manages larger FGN bond issuances. In June 2026, the agency unveiled an approximately N4 trillion FGN bond auction plan for the third quarter of the year.