Spread the word
The Debt Management Office (DMO) plans to raise N5.75 trillion through Federal Government of Nigeria (FGN) bonds in the fourth quarter of 2026.
Under its provisional calendar, auctions will be held on October 19, November 16 and December 14. The DMO will offer N1.75 trillion in October and N2 trillion in each of the two following months.
The offers are spread across three existing instruments. The 16.79 per cent FGN September 2036 bond takes the largest share at N2.8 trillion, made up of N800 billion in October and N1 trillion each in November and December.
The 15.45 per cent June 2038 bond follows with N1.45 trillion, comprising N450 billion in October and N500 billion in each of the last two months. The 19.00 per cent February 2034 bond will be offered at N500 billion per auction, or N1.5 trillion for the quarter.
The DMO cautioned that the calendar is provisional and may be revised at short notice.
The plan follows a steep rise in allotments between January and September 2026, which hit N7.15 trillion, 106 per cent above the N3.48 trillion in the same period of 2025. The fourth-quarter target equals about 80 per cent of that nine-month total. If fully allotted, bond borrowing for the year would reach about N12.9 trillion.
Monthly data show sharp swings. January allotments rose 157 per cent to N1.54 trillion from N601.04 billion. June reached N1.22 trillion, against N100 billion a year earlier. July climbed 401 per cent to N931.82 billion, while August rose 491 per cent to N805.16 billion.
September allotments increased 29.8 per cent to N748.64 billion from N576.62 billion. February and April bucked the trend, falling 42.4 per cent and 30.4 per cent respectively.
Analysts differ on the implications. Uche Uwaleke, a professor and founding director of the Institute of Capital Market Studies, said domestic borrowing can fund government projects and offers an alternative when international borrowing is expensive.
“Government projects will also require funding. So, instead of going to the IMF to borrow, the government can do domestic borrowing, which is cheaper,” he said.
Spread the word