FGN Bond Subscriptions Surge to N9.04tn in 2026

In the first half of 2026, subscriptions for Federal Government of Nigeria (FGN) bonds hit N9.04 trillion, a significant increase from N4.37 trillion during the same period in 2025. This growth is attributed to strong demand from institutional investors, particularly pension fund administrators and insurance companies, who favor the safety of sovereign securities amid uncertain macroeconomic conditions.

The Debt Management Office (DMO) offered bonds worth N4.95 trillion in the first six months of 2026, representing a 6.2% increase from N4.66 trillion in the previous year, with actual allotments reaching approximately N4.8 trillion, a 159.5% increase from N1.85 trillion raised in the first half of 2025. The DMO's bond auctions saw overwhelming investor interest, with various bonds being reopened and attracting significant bids.

The demand for longer-dated securities remained strong, reflecting investor expectations regarding inflation and interest rates.