Debt office schedules three bond auctions between July and September, relying on reopened securities to finance government’s growing funding needs….
The Debt Management Office (DMO) has unveiled plans to raise more than ₦4 trillion through Federal Government of Nigeria (FGN) bond auctions in the third quarter of 2026 as part of efforts to finance the country’s expanding fiscal obligations.
According to the agency’s provisional Q3 2026 FGN Bond Issuance Calendar, the planned fundraising will be carried out through three monthly auctions scheduled for July 20, August 17 and September 14.
Rather than introducing new debt instruments, the DMO will reopen three existing FGN bonds, a strategy widely used to deepen liquidity in the domestic bond market and improve trading activity.
The July auction will feature the reopening of the 22.60% FGN January 2035 bond, the 16.2499% FGN April 2037 bond and the 15.45% FGN June 2038 bond.
The January 2035 bond will be offered in the range of ₦500 billion to ₦600 billion and will have about eight years and six months remaining to maturity at the time of the auction.
The April 2037 bond, with a remaining tenor of approximately 10 years and nine months, will be offered between ₦400 billion and ₦500 billion, while the June 2038 bond will also be available with an offer size ranging between ₦400 billion and ₦500 billion.
For the August and September auctions, the DMO will streamline its offerings by retaining only the January 2035 and June 2038 bonds.
Both instruments are expected to be offered in larger volumes of between ₦600 billion and ₦800 billion each during the final two auctions of the quarter, reflecting the government’s increased financing requirements.
Based on the minimum offer sizes published in the issuance calendar, the Federal Government could raise approximately ₦4 trillion during the three-month period.
The issuance calendar also indicates that the DMO will maintain its traditional monthly auction schedule while continuing to focus on medium and long-term borrowing, with no short-tenor bonds included in the programme.
Market analysts say the decision to reopen existing bonds instead of introducing fresh instruments is aimed at strengthening liquidity in the secondary market and improving price discovery for investors.
The DMO noted that the issuance calendar remains provisional, meaning the amount offered at each auction could be adjusted depending on prevailing market conditions.
The Federal Government is relying on bond issuances to finance its 2026 budget deficit and refinance maturing debt obligations after increasing its planned borrowing for the year to ₦29.20 trillion following an expansion of the national budget and fiscal deficit.
By reopening existing benchmark bonds, the government aims to build larger and more liquid securities, improve market efficiency and extend the country’s debt repayment profile, thereby reducing refinancing risks over the long term.
