Nigeria Raises N6.49tn from Bond Market in 2026

The Nigerian federal government, through the Debt Management Office (DMO), raised approximately N6.49 trillion via FGN Bonds from January to August 2026. This fundraising effort is part of the government's strategy to bridge fiscal deficits amid high borrowing costs and rising debt service pressures.

The total subscription during this period reached N12.22 trillion, indicating a strong preference among investors, particularly Pension Fund Administrators (PFAs), for risk-free instruments like FGN Bonds and Nigerian Treasury Bills (NTBs). The DMO offered a total of N7.35 trillion to investors but ultimately settled for N6.49 trillion.

In August 2026, the DMO reopened the JAN-2035, APR-2037, and JUN-2038 bonds, offering N1.10 trillion, with total demand at N1.73 trillion. The DMO allotted N805.16 billion, with stop rates for these bonds contracting significantly.

The DMO's actions reflect a continued effort to attract investors and support the government in managing its budget deficit.