The Debt Management Office (DMO) plans to raise N5.75 trillion through Federal Government of Nigeria (FGN) bond offers between October and December 2026, according to its provisional issuance calendar.
The government plans to offer N1.75 trillion in October, followed by N2 trillion in November and another N2 trillion in December. The auctions are scheduled for October 19, November 16 and December 14, respectively. The calendar remains provisional and may be revised. The planned offers comprise three bonds maturing in February 2034, September 2036 and June 2038.
The February 2034 bond, which carries an interest rate of 19 per cent, will account for N500 billion at each auction. This amounts to N1.5 trillion across the three months.The September 2036 bond, with an interest rate of 16.79 per cent, will account for N800 billion in October and N1 trillion in each of November and December. The total planned offer for this instrument is N2.8 trillion. The June 2038 bond, which carries an interest rate of 15.45 per cent, will account for N450 billion in October and N500 billion in each of the following two months. The planned total is N1.45 trillion.
Together, the three instruments bring the proposed fourth quarter issuance to N5.75 trillion. The planned offers follow a significant increase in government bond allotments during the first nine months of 2026. The Federal Government allotted N7.15 trillion in bonds between January and September, up from N3.48 trillion during the same period in 2025. This represents an increase of about 106 per cent.
January allotments rose to N1.54 trillion from N601.04 billion a year earlier, while July allotments increased to N931.82 billion from N185.93 billion. In August, allotments reached N805.16 billion, compared with N136.16 billion in August 2025. September allotments rose to N748.64 billion from N576.62 billion.
These increases offset declines in February and April, when allotments fell by 42.4 per cent and 30.4 per cent, respectively, compared with the corresponding months of 2025. Nigeria’s public debt also continued to rise during the period. Total public debt stood at N166.79 trillion as of June 30, 2026, compared with N159.35 trillion at the end of March. Domestic debt accounted for N91.59 trillion, representing 54.91 per cent of the total.
The proposed fourth quarter bond sales would add to the government’s domestic borrowing. The actual amount raised will depend on investor demand at the auctions and any revisions to the DMO’s issuance calendar.
