Federal and state government debt instruments accounted for 80% of N13.86tn in identifiable listings between January and September 2026…..
Government securities accounted for about N11.08 trillion, or 80 per cent, of the N13.86 trillion in identifiable new and supplementary listings on the Nigerian Exchange (NGX) in the first nine months of 2026, underscoring the growing influence of public-sector borrowing on capital-market activity.
The figures were contained in the latest X-Compliance Report published by Nigerian Exchange Regulation (NGX RegCo), which details securities admitted to the Exchange during the period.
Federal Government instruments accounted for the largest share, with approximately N10.535 trillion in identifiable listing value. Additional government-related instruments, including a federal roads Sukuk and Lagos State bonds, further increased the total.
Schedule 10 of the report recorded about 109 transactions covering government securities, corporate debt, rights issues, public offers, private placements and other instruments. Federal Government securities emerged as the largest category by value.
Federal Government bonds accounted for approximately N10.535 trillion of the recorded listings, reflecting the scale of activity in sovereign debt instruments during the period.
The report captured additions to existing bond lines, including the 15.45 per cent FGN June 2038 bond, the 16.2499 per cent FGN April 2037 bond and the 22.60 per cent FGN January 2035 bond.
The FGN Roads Sukuk Company 1 Plc contributed another N300 billion through its seven-year, 19.75 per cent Ijarah Sukuk, bringing the combined value of Federal Government securities and the Sukuk to N10.835 trillion.
Lagos State Government bonds added N244.815 billion, comprising a N230 billion Series 4 10-year bond with a 16.25 per cent coupon and a N14.815 billion Series 3 five-year green bond carrying a 16 per cent coupon.
Together, Federal Government securities, the Sukuk and Lagos State bonds accounted for approximately N11.08 trillion, leaving about N2.78 trillion attributable to corporate and other non-government transactions.
The report also showed multiple additions to the 15.45 per cent FGN June 2038 bond, including listings valued at N710.01 billion, N1.373 trillion and N354.63 billion.
The dominance of government securities reflects the continued use of existing Federal Government bond lines to raise funds through the domestic capital market.
Several of the instruments featured prominently in the NGX RegCo report also appeared in recent Debt Management Office (DMO) auctions, highlighting the importance of bond reopenings in the government’s financing programme.
In August, the DMO allotted N1.56 trillion across three Federal Government bonds after receiving subscriptions worth N1.73 trillion. The auction featured the January 2035, April 2037 and June 2038 instruments.
In July, the debt office allotted N929.32 billion across three FGN bonds after attracting N1.74 trillion in bids. The instruments included the 22.60 per cent FGN January 2035, 16.2499 per cent FGN April 2037 and 15.45 per cent FGN June 2038 bonds.
Other significant listings captured in the NGX RegCo report included N888.63 billion of the 16.79 per cent FGN September 2036 bond, N817.07 billion of the 19.00 per cent FGN February 2034 bond and N1.370 trillion of the 17.95 per cent FGN June 2032 bond.
The June 2038 bond has also become a prominent instrument in the Federal Government’s borrowing programme in 2026, having been reopened several times since its introduction in 2023.
The N11.08 trillion in government-related listings represented approximately four out of every five naira in identifiable new and supplementary securities listings during the nine-month period. Corporate and other non-government transactions accounted for the remaining N2.78 trillion.
The concentration comes amid substantial government financing needs and continued reliance on domestic borrowing to fund budget deficits.
Nigeria’s 2026 budget was presented with a projected deficit of N23.85 trillion. The Federal Government subsequently increased its borrowing plan to N29.20 trillion following a rise in the fiscal deficit to N31.46 trillion, with borrowing expected to provide the bulk of the financing.
The DMO’s domestic borrowing programme has therefore remained a major driver of activity in the country’s fixed-income market, with government bonds continuing to account for a significant share of securities entering the Exchange.
At the subnational level, Lagos State has also accessed the capital market through debt instruments. Its two bonds, valued at approximately N244.82 billion, were previously listed on FMDQ under the state’s N1 trillion Debt and Hybrid Instrument Issuance Programme.
The NGX RegCo figures cover both new securities and supplementary listings, including additional admissions to existing instruments. They therefore do not represent only securities issued for the first time during the period.
Overall, the figures highlight the extent to which Federal and state government debt instruments shaped listing activity on the Nigerian Exchange between January and September 2026, with sovereign and government-related securities accounting for the overwhelming majority of identifiable listing value.
