Nigeria's Government Raises N7.15tn in Bonds Amid Demand

In the first nine months of 2026, the Federal Government of Nigeria significantly increased its borrowing through the domestic bond market, allotting N7.15tn worth of bonds, which is a 106% rise compared to N3.48tn allotted during the same period in 2025. This increase is attributed to high allotments in January, June, July, and August, which compensated for declines in other months.

Notably, June saw the highest year-on-year increase with N1.22tn allotted, up from N100bn in June 2025. January's allotments rose to N1.54tn from N601.04bn, a 157% increase, while July and August recorded increases of 401% and 491%, respectively.

Despite weaker performances in February and April, overall allotments more than doubled compared to 2025. Total subscriptions for FGN bonds reached N13.72tn, indicating strong investor interest, with February recording the highest subscriptions at N2.70tn.

The disparity between subscriptions and allotments suggests that investor demand remains robust despite the increased bond supply.