Allotments of Federal Government of Nigeria Savings Bonds rose by N11.02bn to N47.25bn in the first nine months of 2026, up from N36.23bn recorded in the corresponding period of 2025.
The increase was revealed in Nairametrics’ analysis of the Debt Management Office’s monthly FGN Savings Bond auction results for the period.
The increase was driven by stronger allotments in January, February, July, August and September, although allocations in some months were lower than the levels recorded in the corresponding period of 2025.
The DMO allotted N47.25bn through the FGN Savings Bond between January and September 2026, compared with N36.23bn in the same period of 2025.
In January, allotments rose to N6.34bn from N4.31bn a year earlier, while February allocations increased to N5.91bn from N4.18bn.
However, March and April recorded declines, with allotments falling to N3.86bn and N3.64bn in 2026 from N4.46bn and N4.34bn, respectively, in 2025.
The September allotment followed stronger allocations of N6.19bn in July and N5.86bn in August, contributing to the improved performance in the second half of the year.
The rise in FGN Savings Bond allotments came against the backdrop of an expanded Federal Government borrowing programme and an increase in the country’s public debt stock.
Nigeria’s total public debt rose to N166.79tn as of June 30, 2026, from N159.35tn at the end of March, with domestic debt accounting for N91.59tn, or 54.91 per cent of the total.
FGN bonds remained the largest component of the Federal Government’s domestic debt portfolio, with an outstanding value of N64.84tn, representing 74.53 per cent of domestic debt.
The Federal Government also increased its planned borrowing for 2026 to N29.20tn following an expansion of the proposed budget and fiscal deficit.
The Debt Management Office issues FGN securities to finance government expenditure and refinance maturing obligations.
The higher borrowing requirement provides the broader fiscal context for continued issuance of Federal Government securities, including savings bonds.
