The Federal Government allotted N7.15 trillion in FGN bonds between January and September 2026, a 106% increase from the N3.48 trillion allotted in the corresponding period of 2025. An analysis of the Debt Management Office's monthly auction results indicates the rise was driven by sharply higher allotments in January, June, July and August.
Despite declines in February and April, the nine-month total more than doubled year-on-year. The expansion reflects the Federal Government's continued reliance on domestic debt instruments, with FGN bonds remaining the largest component of the domestic debt portfolio.
The strongest monthly increase was recorded in June, when the DMO allotted N1.22 trillion, compared with N100 billion in June 2025. Other monthly movements included:
* January allotments rose 157% to N1.54 trillion from N601.04 billion. * July allotments rose 401% to N931.82 billion from N185.93 billion. * August allotments rose 491% to N805.16 billion from N136.16 billion. * September allotments rose 29.8% to N748.64 billion from N576.62 billion.
These increases more than offset declines in February and April, when allotments fell 42.4% and 30.4% respectively from their 2025 levels.
Investor demand remained substantial, with total subscriptions reaching N13.72 trillion between January and September 2026. January recorded N2.25 trillion, or 16.4% of the nine-month total, while February followed with N2.70 trillion, representing 19.7%.
* March subscriptions stood at N1.50 trillion, or 10.9% of the total. * June attracted N1.41 trillion, representing 10.3%. * July recorded N1.70 trillion, accounting for 12.4%. * August and September recorded N1.35 trillion and N1.36 trillion respectively.
The gap between total subscriptions and allotments shows that demand at the auctions exceeded the amount ultimately allotted to investors during the period.
Nigeria's total 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.
