The Federal Government of Nigeria has seen a remarkable increase in FGN bond allotments, totaling N7.15 trillion from January to September 2026. This figure represents a 106% rise compared to the N3.48 trillion allotted during the same timeframe in 2025.
An analysis by Nairametrics of the Debt Management Office's monthly auction results indicates that this growth was largely driven by substantial allotments in key months, especially in June, July, and August. Notably, June alone accounted for N1.22 trillion, a significant jump from N100 billion in June 2025.
Despite some declines in February and April, the overall allotment for the first nine months more than doubled year-on-year. The increase underscores the Federal Government's ongoing reliance on domestic debt instruments, with FGN bonds constituting the largest segment of its domestic debt portfolio.
Investor interest remained robust, with total subscriptions reaching N13.72 trillion during the same period. The demand at auctions exceeded the allotments, reflecting a strong appetite for these government securities.
As of June 30, 2026, Nigeria's total public debt stood at N166.79 trillion, with domestic debt comprising N91.59 trillion. FGN bonds continue to dominate this landscape, highlighting their critical role in financing government operations amid rising debt levels.