Nigeria’s Debt Management Office (DMO) has announced plans to raise N5.75 trillion through federal government bond sales in the final quarter of 2026, as the country’s public debt stock climbs to N166.79 trillion.
Key Highlights
- DMO plans to raise N5.75 trillion through FGN bond sales in Q4 2026.
- Auctions are scheduled for October 19, November 16 and December 14.
- The government allotted N7.15 trillion in bonds between January and September 2026, more than double the 2025 figure.
- The 16.79 percent FGN September 2036 bond accounts for N2.8 trillion of the planned issuance.
- Nigeria’s public debt stood at N166.79 trillion as of June 30, 2026.
The proposed borrowing will be conducted through three auctions scheduled for October 19, November 16 and December 14, according to the DMO’s provisional issuance calendar.
The government plans to offer N1.75 trillion in bonds at the October auction, followed by N2 trillion each in November and December.
The latest borrowing plan comes after the federal government allotted N7.15 trillion in bonds between January and September 2026, more than double the N3.48 trillion recorded during the corresponding period in 2025.
The sharp increase in bond allotments points to the government’s growing reliance on domestic debt instruments to raise funds.
Data also show that bond allotments surged by 401 percent year-on-year in July and 491 percent in August, reflecting a significant increase in government borrowing through the debt market during the period.
Bonds On Offer
Under the fourth-quarter issuance plan, the DMO will offer three existing government bonds with different maturity dates.
The 19.00 percent FGN February 2034 bond will account for N1.5 trillion, while the 16.79 percent FGN September 2036 bond will be valued at N2.8 trillion.
The remaining N1.45 trillion will come from the 15.45 percent FGN June 2038 bond.
The September 2036 bond represents the largest component of the planned issuance, accounting for nearly half of the total amount the government intends to raise during the quarter.
Mounting Public Debt
The proposed bond sales come against the backdrop of Nigeria’s mounting public debt, which stood at N166.79 trillion as of June 30, 2026.
Domestic debt accounted for N91.59 trillion of the total, underscoring the substantial role of borrowing within the country’s financial system.
Read also:
- Nigeria’s Public Debt Hits ₦166.79 Trillion as Borrowing Debate Intensifies
- Nigeria’s Domestic Debt Hits ₦87tn as Treasury Bills Drive Borrowing Increase
- FGN Savings Bond Rate Falls to 14.071% for Three-Year Investment
Government bonds are debt instruments through which the federal government raises money from investors and commits to paying interest before repaying the principal at maturity.
However, increased borrowing adds to the government’s debt obligations and can raise concerns about debt-servicing costs and the fiscal resources available for other public spending priorities.
The DMO stated that the fourth-quarter issuance calendar is provisional and may be revised at any time.
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