The Debt Management Office (DMO) plans to offer N5.75 trillion in Federal Government of Nigeria (FGN) bonds in the fourth quarter of 2026, according to its provisional issuance calendar.
The planned offers will be conducted across three auction dates in October, November and December, with the largest monthly amount scheduled for November and December at N2 trillion each.
The proposed issuance comes after the Federal Government allotted N7.15 trillion in FGN bonds between January and September 2026, more than double the N3.48 trillion allotted during the corresponding period in 2025.
DMO schedules N5.75 trillion bond offers
The provisional calendar shows that the DMO intends to raise funds through three FGN bond maturities: February 2034, September 2036 and June 2038.
The October auction is scheduled for October 19, with offers totalling N1.75 trillion. The November and December auctions are scheduled for November 16 and December 14, respectively, with N2 trillion planned for each month.
The proposed offers are distributed across the three instruments as follows:
- 19.00% FGN February 2034: N500 billion in each of the three auctions, bringing the quarterly total to N1.5 trillion.
- 16.79% FGN September 2036: N800 billion in October and N1 trillion in both November and December, totalling N2.8 trillion.
- 15.45% FGN June 2038: N450 billion in October and N500 billion in each of the remaining auctions, amounting to N1.45 trillion.
The calendar is provisional and may be changed at short notice.
FGN bond allotments more than double
The planned fourth-quarter offers follow a sharp increase in government bond allotments during the first nine months of 2026.
As previously reported by Nairametrics, the Federal Government allotted N7.15 trillion over the period, a 106% increase from the N3.48 trillion recorded in the same period of 2025.
June recorded the strongest monthly increase in the comparison, with allotments reaching N1.22 trillion against N100 billion in June 2025.
Other months also recorded substantial increases:
- January allotments rose 157% to N1.54 trillion from N601.04 billion.
- July allotments climbed 401% to N931.82 billion from N185.93 billion.
- August allotments increased 491% to N805.16 billion from N136.16 billion.
- September allotments rose 29.8% to N748.64 billion from N576.62 billion.
These gains offset declines in February and April, when allotments fell by 42.4% and 30.4%, respectively, compared with the corresponding months in 2025.
Nigeria’s public debt reaches N166.79 trillion
Nigeria’s public debt stock stood at N166.79 trillion as of June 30, 2026, up from N159.35 trillion at the end of March, according to figures previously reported by Nairametrics.
Domestic debt accounted for N91.59 trillion, representing 54.91% of the total debt portfolio.
The planned N5.75 trillion in fourth-quarter bond offers would add to the Federal Government’s borrowing programme, although the provisional calendar remains subject to revision.