The Federal Government significantly increased its borrowing through the domestic bond market in the first nine months of 2026, allotting N7.15tn worth of Federal Government of Nigeria bonds.
The amount represents a 106 per cent increase compared with the N3.48tn allotted during the corresponding period of 2025, according to an analysis of monthly auction results published by the Debt Management Office.
The sharp rise indicates a substantial increase in the volume of government securities allocated to investors as the Federal Government continues to utilise the domestic capital market to meet its financing requirements.
The growth was driven largely by exceptionally high allotments recorded in January, June, July and August, which more than offset declines recorded in some other months.
June recorded the most pronounced year-on-year increase during the period, with the DMO allotting N1.22tn in FGN bonds, compared with N100bn in the corresponding month of 2025.
January also recorded a major increase, with allotments rising to N1.54tn from N601.04bn, representing a 157 per cent increase. In July, the government allotted N931.82bn, compared with N185.93bn a year earlier, translating to a 401 per cent increase.
August recorded another substantial jump, with allotments rising to N805.16bn from N136.16bn, an increase of 491 per cent. September followed with N748.64bn allotted, up 29.8 per cent from N576.62bn recorded in the same month of 2025.
