The Debt Management Office (DMO) has reported that the Federal Government allotted N7.15 trillion in FGN bonds between January and September 2026, representing a 106% increase from the N3.48 trillion allotted during the same period in 2025.
In its just published Monthly Auction Results’ report, the Office primarily attributed the surge to higher allotments in some months, especially January, June, July and August, despite lower allotments in February and April this year.
According to the report’s data, the strongest monthly increase in bond allotments was in June, when the DMO allotted N1.22 trillion to investors compared with the N100 billion allotted in June 2025.
Also, January allotments rose to N1.54 trillion from N601.04 billion in the corresponding month of last year, representing an increase of 157%; July allotments increased to N931.82 billion from N185.93 billion allotted in July 2025, reflecting 401% increase; August allotments increased to N805.16 billion from N136.16 billion in August 2025, up 491%; and September allotments rose to N748.64 billion from N576.62 billion in the same month of last year, indicating 29.8% surge.
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However, in February and April the allotments dipped by 42.4% and 30.4% respectively from the allotments to investors in the months in 2025.
Overall, the DMO’s report showed that investors’ demand for the FGN bonds in the nine month-period this year rose to N13.72 trillion, with January recording subscriptions of N2.25 trillion, accounting for 16.4% of the nine-month total, February had N2.70 trillion subscriptions, representing 19.7%; and March subscriptions totalled N1.50 trillion, or 10.9% of the total subscriptions for the nine months.
Also, June attracted N1.41 trillion, representing 10.3%; July recorded N1.70 trillion, accounting for 12.4%; while August and September recorded N1.35 trillion and N1.36 trillion subscriptions, respectively.
According to the data published by the DMO on the nation’s public debt in the first half of this year, FGN bonds dominate domestic debt stock, which stood at N166.79 trillion as of June 30 this year.
An analysis of the data reflected that domestic debt accounted for N91.59 trillion, representing 54.91% of the total debt stock.
Out of the debt stock, FGN bonds remained the largest component of Federal Government domestic debt, with N64.84 trillion outstanding payment, representing 74.53% of FGN domestic debt.
The surging debt stock has continued to elicit concerns from finance and economic development experts, particularly with the rising revenue collections by the Federal Government based on the implementation of fiscal and other reforms over the past three years.
