Government securities dominated new and supplementary listings on the Nigerian Exchange in the first nine months of 2026.

They accounted for about ₦11.08 trillion, or 80 per cent of the ₦13.86 trillion in identifiable listing value recorded in the period.

This is according to the latest Nigerian Exchange Regulation, X-Compliance Report, published last weekend, which detailed the securities admitted to the Exchange during the year.

The figures show how much government securities contributed to capital-market activity. Federal Government instruments alone accounted for about ₦10.535 trillion.

Schedule 10 of the report recorded about 109 transactions involving government securities, corporate debt, rights issues, public offers, private placements and other instruments. Federal Government securities were the largest single category by listing value.

The report also captured additions to existing FGN bond lines, including the 15.45 per cent FGN June 2038, 16.2499 per cent FGN April 2037 and 22.60 per cent FGN January 2035 bonds.

The FGN Roads Sukuk Company 1 Plc contributed another ₦300 billion through its seven-year 19.75 per cent Ijarah Sukuk. This brought the Federal Government-related total to ₦10.835 trillion.

Lagos State Government bonds added ₦244.815 billion. This comprised a ₦230 billion Series 4 10-year 16.25 per cent bond and a ₦14.815 billion Series 3 five-year 16 per cent green bond.

The 15.45 per cent FGN June 2038 bond appeared in multiple listings, including additions valued at ₦710.01 billion, ₦1.373 trillion and ₦354.63 billion.

Together, the Federal Government securities, Sukuk and Lagos State bonds accounted for about ₦11.08 trillion. This left about ₦2.78 trillion attributable to corporate and other non-government transactions.

The concentration of government securities reflects the continued use of existing FGN bond lines to mobilise financing through the domestic capital market. Several instruments that featured prominently in the NGX RegCo report also appeared in recent Debt Management Office (DMO) bond auctions.

There were substantial allotments across the January 2035, April 2037 and June 2038 FGN bonds in July and August.

In August, the DMO allotted ₦1.56 trillion across three FGN bonds after subscriptions of ₦1.73 trillion. The January 2035, April 2037 and June 2038 instruments featured again.

In July, the DMO allotted ₦929.32 billion across three FGN bonds after receiving ₦1.74 trillion in investor bids.

The July auction featured the 22.60 per cent FGN January 2035, 16.2499 per cent FGN April 2037 and 15.45 per cent FGN June 2038 instruments.

Other major listings in the NGX RegCo report included ₦888.63 billion of the 16.79 per cent FGN September 2036 bond, ₦817.07 billion of the 19.00 per cent FGN February 2034 bond and ₦1.370 trillion of the 17.95 per cent FGN June 2032 bond.

In September, the June 2038 bond had become an important source of Federal Government borrowing in 2026. It has been reopened several times since its introduction in 2023.

The ₦11.08 trillion government-related listing value represents about four out of every five naira in identifiable new and supplementary securities listings during the first nine months of 2026. Corporate and other non-government transactions made up the remaining ₦2.78 trillion.

The dominance of sovereign securities comes against the backdrop of elevated government financing requirements and continued domestic borrowing.

Nigeria’s 2026 budget was presented with a ₦23.85 trillion deficit, with fresh borrowing expected to contribute significantly towards financing the gap.

The Federal Government later raised its 2026 borrowing plan to ₦29.20 trillion, after the fiscal deficit increased to ₦31.46 trillion. It states that borrowing would account for the bulk of deficit financing.

The DMO’s domestic borrowing programme has remained an important source of activity in Nigeria’s fixed-income market.

Nairametrics also reported the listing of Lagos State’s two bonds, valued at about ₦244.82 billion, on FMDQ under the state’s ₦1 trillion Debt and Hybrid Instrument Issuance Programme.

The NGX RegCo figures cover new and supplementary securities listings, including additions to existing instruments, rather than only new securities issued for the first time.

The figures therefore show the scale of government-related securities entering the market. They also show how far Federal and State Government debt instruments continue to shape Nigeria’s capital-market listing activity.