The Federal Government allocated a total of ₦1.54 trillion at its January 2026 bond auction, reflecting continued investor confidence in government securities despite a high-interest-rate environment.

The Debt Management Office reported that the auction, held on January 26, involved the reopening of three existing bonds, with total allotments well above the initial offer.

DMO had offered a combined ₦900 billion across three bonds, but strong investor demand pushed total allotments to ₦1.54 trillion, highlighting sustained confidence in FGN securities and the appeal of current yields.

Settlement for all successful bids is set for January 28, 2026.

Investor demand remained strong across all maturities, with each of the three reopened bonds oversubscribed. Longer-dated instruments, in particular, attracted significant interest despite wide bid ranges.

The 18.50 per cent FGN February 2031 bond, offered at ₦300 billion, received bids totaling ₦514.45 billion from 124 submissions, resulting in an allotment of ₦398.19 billion, including ₦17.50 billion in non-competitive allotments.

The 19.00 per cent FGN February 2034 bond, with an offer of ₦400 billion, drew bids of about ₦1.01 trillion, leading to an allotment of ₦576.33 billion, including ₦113.22 billion allotted on a non-competitive basis.

The 22.60% FGN January 2035 bond saw strong interest, with subscriptions of ₦731.40 billion against an offer of ₦200 billion, leading to a total allotment of ₦570.16 billion from 176 successful bids.

Overall, marginal rates for the three bonds settled between 17.50 per cent and 17.62 per cent, even as bid ranges for the longest-dated instrument reached as high as 25.90 per cent.