FGN bond allotments increase to N7.15 trillion

Between January and September 2026, the Federal Government allotted N7.15 trillion in FGN bonds.

It was a 106% increase from the N3.48 trillion allotted during the same period in 2025.

The increase, according to records by DMO, was driven significantly by higher allotments in several months, particularly January, June, July and August.

Despite lower allotments in February and April, the total for the first nine months more than doubled year-on-year.

The strongest monthly increase was recorded in June when the DMO allotted N1.22 trillion in FGN bonds, compared with N100 billion in June 2025.

January allotments rose to N1.54 trillion from N601.04 billion, an increase of 157%.

July allotments climbed to N931.82 billion from N185.93 billion, representing a 401% increase.

August allotments increased to N805.16 billion from N136.16 billion, up 491%.

September allotments rose 29.8% to N748.64 billion from N576.62 billion.

The increases more than offset declines recorded in February and April, when allotments fell 42.4% and 30.4%, respectively, from their 2025 levels.

Demand for FGN bonds also remained substantial during the period, with total subscriptions reaching N13.72 trillion between January and September 2026.

January recorded subscriptions of N2.25 trillion, accounting for 16.4% of the nine-month total, while February followed with N2.70 trillion, representing 19.7%.

March subscriptions stood at N1.50 trillion, or 10.9% of the total.

June attracted N1.41 trillion, representing 10.3%.

July recorded N1.70 trillion, accounting for 12.4%.

August and September recorded N1.35 trillion and N1.36 trillion, respectively.

The difference between total subscriptions and allotments indicates that demand at the auctions was higher than the amount ultimately allotted to investors during the period.

FGN bonds remained the largest component of Federal Government domestic debt with an outstanding value of N64.84 trillion, representing 74.53% of FGN domestic debt.

Other instruments included FGN Sukuk at N1.19 trillion, savings bonds at N122.45 billion and green bonds at N47.36 billion. Promissory notes stood at N1.22 trillion.