Promissory notes stood at N1.22 trillion.
The continued dominance of FGN bonds in the domestic debt portfolio underscores their role as a large financing instrument for the Federal Government as bond allotments increased sharply during the initial nine months of 2026.
According to the DMO statistics, complete audience debt stood at N87.38 trillion as of June 30, 2023, shortly later than Tinubu assumed office.
The Federal Government allotted N7.15 trillion in FGN bonds amid January and September 2026, representing a 106% improve from the N3.48 trillion allotted during the same period in 2025.
Nairametrics’ analysis of the Debt Direction Office’s monthly auction results showed that the increase was driven by significantly upper allotments in multiple months, primarily January, June, July and August.
Despite decreased allotments in February and April, the whole for the opening nine months further than doubled year-on-year.
The improve comes as the Federal Government continues to rely heavily on domestic debt instruments, together with FGN bonds remaining the largest module of its domestic debt portfolio.
FGN bond allotments surge in 2026
The strongest monthly broaden was recorded in June, when the DMO allotted N1.22 trillion in FGN bonds, compared using N100 billion in June 2025.
- January allotments rose to N1.54 trillion from N601.04 billion, an increase of 157%.
- July allotments climbed to N931.82 billion from N185.93 billion, representing a 401% strengthen.
- August allotments increased to N805.16 billion from N136.16 billion, up 491%.
- September allotments rose 29.8% to N748.64 billion from N576.62 billion.
The increases extra than offset declines recorded in February and April, when allotments fell 42.4% and 30.4%, respectively, from their 2025 levels.
Investors subscribe N13.72 trillion
Request for FGN bonds additionally remained significant during the period, alongside whole subscriptions reaching N13.72 trillion in the middle of January and September 2026.
January recorded subscriptions of N2.25 trillion, accounting for 16.4% of the nine-month entire, during the time that February followed using N2.70 trillion, representing 19.7%.
- March subscriptions stood at N1.50 trillion, or 10.9% of the complete.
- June attracted N1.41 trillion, representing 10.3%.
- July recorded N1.70 trillion, accounting for 12.4%.
- August and September recorded N1.35 trillion and N1.36 trillion, respectively.
The difference in the middle of whole subscriptions and allotments indicates that request at the auctions was greater than the volume in the complete allotted to investors during the period.
FGN bonds dominate domestic debt
Nigeria’s entire society debt stock stood at N166.79 trillion as of June 30, 2026, up from N159.35 trillion at the terminate of March. Domestic debt accounted for N91.59 trillion, or 54.91% of the whole portfolio.
FGN bonds remained the largest module of Federal Government domestic debt, together with an outstanding value of N64.84 trillion, representing 74.53% of FGN domestic debt.
Other instruments included FGN Sukuk at N1.19 trillion, savings bonds at N122.45 billion and green bonds at N47.36 billion.
Source: FGN bond allotments rise 106% to N7.15 trillion in nine months
