FGN Bond Subscription Reaches N4.95 Trillion in 2026

In the first two months of 2026, subscription to Federal Government of Nigeria (FGN) bonds hit N4.95 trillion, marking a 115% increase from N2.3 trillion in the same period in 2025. The Debt Management Office (DMO) reported that the government raised N1.7 trillion against an initial offer of N800 billion in 2025.

The total estimated borrowing for 2025 is N5.26 trillion, a decrease from N5.84 trillion in 2024, with the government projecting to borrow approximately N13 trillion to finance the budget deficit. The DMO's bond offerings included N900 billion in January 2026 and N800 billion in February 2026, with total demands settling at N2.25 trillion and N2.69 trillion, respectively.

The DMO allotted N1.68 trillion and N524.28 billion at stop rates of 17.62%, 17.50%, and 17.52%. Analysts attribute the strong demand for FGN bonds to investor confidence in the government's ability to meet its debt obligations, despite modest yields.