The Debt Management Office (DMO) has scheduled N5.75 trillion in Federal Government of Nigeria (FGN) bond offers for the fourth quarter of 2026, according to its provisional issuance calendar.
The planned borrowing will be spread across three auctions in October, November and December. The October sale, set for October 19, will offer N1.75 trillion. Auctions on November 16 and December 14 will each target N2 trillion, making those the largest monthly amounts in the quarter.
The calendar covers three instruments with varying coupons and maturities. The 19.00% FGN February 2034 bond is allotted N500 billion at each auction, giving a quarterly total of N1.5 trillion. The 16.79% FGN September 2036 paper will carry N800 billion in October and N1 trillion in each of November and December, totalling N2.8 trillion. The 15.45% FGN June 2038 bond will offer N450 billion in October and N500 billion at each of the remaining auctions, amounting to N1.45 trillion.
The calendar is provisional and may be revised at short notice.
The fourth-quarter plan follows a sharp rise in government borrowing earlier in the year. Between January and September 2026, the Federal Government allotted N7.15 trillion in FGN bonds, a 106% increase from the N3.48 trillion recorded in the corresponding period of 2025. The strongest monthly movement came in June, when allotments reached N1.22 trillion compared with N100 billion in June 2025.
Other months also posted significant gains: January rose 157% to N1.54 trillion from N601.04 billion; July climbed 401% to N931.82 billion from N185.93 billion; August increased 491% to N805.16 billion from N136.16 billion; and September rose 29.8% to N748.64 billion from N576.62 billion. These increases offset declines in February and April, when allotments fell by 42.4% and 30.4%, respectively, compared with the same months in 2025.
The borrowing plans come as Nigeria's public debt stock stood at N166.79 trillion as of June 30, 2026, up from N159.35 trillion at the end of March. Domestic debt accounted for N91.59 trillion, or 54.91% of the total portfolio.
If executed as scheduled, the N5.75 trillion in fourth-quarter offers would add to the Federal Government's domestic borrowing programme, although the provisional figures remain subject to change.
