The planned offers come after government bond allotments more than doubled to ₦7.15 trillion in the first nine months of the year, as Nigeria’s public debt rose to ₦166.79 trillion in June…..
The Debt Management Office (DMO) is planning to raise ₦5.75 trillion through Federal Government of Nigeria (FGN) bond offers in the fourth quarter of 2026, according to its provisional issuance calendar.
The proposed sales will take place across three auctions scheduled for October 19, November 16 and December 14, with the government targeting ₦1.75 trillion in October and ₦2 trillion each in November and December.
The planned issuance follows a sharp increase in government bond allotments during the first nine months of the year, reflecting the scale of the Federal Government’s borrowing activities.
Between January and September 2026, the government allotted ₦7.15 trillion in FGN bonds, more than double the ₦3.48 trillion recorded during the corresponding period of 2025.
The DMO’s provisional calendar shows that the fourth-quarter offers will comprise three instruments maturing in February 2034, September 2036 and June 2038.
The 19.00 per cent FGN February 2034 bond is scheduled to receive offers of ₦500 billion at each of the three auctions, bringing its total quarterly offer to ₦1.5 trillion.
For the 16.79 per cent FGN September 2036 bond, the DMO plans to offer ₦800 billion in October, followed by ₦1 trillion in November and another ₦1 trillion in December. The instrument will account for ₦2.8 trillion of the planned issuance.
The 15.45 per cent FGN June 2038 bond will have ₦450 billion offered in October and ₦500 billion at each of the November and December auctions, bringing its quarterly total to ₦1.45 trillion.
The DMO noted that the issuance calendar is provisional and may be revised at short notice.
FGN Bond Allotments More Than Double
The fourth-quarter borrowing plan follows a significant increase in the amount of government bonds allotted in the first three quarters of 2026.
Figures previously reported by Nairametrics showed that FGN bond allotments rose by 106 per cent to ₦7.15 trillion between January and September, compared with ₦3.48 trillion in the same period of 2025.
June recorded one of the most pronounced increases, with allotments reaching ₦1.22 trillion, against ₦100 billion in June 2025.
January allotments rose by 157 per cent to ₦1.54 trillion from ₦601.04 billion, while July recorded a 401 per cent increase to ₦931.82 billion from ₦185.93 billion.
In August, allotments climbed by 491 per cent to ₦805.16 billion from ₦136.16 billion. September also recorded an increase, with allotments rising by 29.8 per cent to ₦748.64 billion from ₦576.62 billion.
These increases offset declines recorded in February and April, when allotments fell by 42.4 per cent and 30.4 per cent, respectively, compared with the corresponding months of the previous year.
Nigeria’s Public Debt Rises To ₦166.79trn
The planned bond sales come as Nigeria’s public debt continues to increase.
The country’s total public debt stood at ₦166.79 trillion as of June 30, 2026, up from ₦159.35 trillion at the end of March, according to previously reported figures.
Domestic debt accounted for ₦91.59 trillion, representing 54.91 per cent of the total debt stock.
The proposed ₦5.75 trillion in fourth-quarter bond offers forms part of the Federal Government’s borrowing programme, with the proceeds expected to support its financing requirements.
However, the DMO’s provisional calendar remains subject to change, meaning the final amounts offered at the scheduled auctions could differ from the current projections.
