The Federal Government of Nigeria has doubled its planned bond issuance for January 2026 to ₦900 billion, marking a significant increase compared with the ₦450 billion raised in January 2025.
The debt offering is scheduled for January 26, 2026, with settlement on January 28, 2026, according to documents released by the Debt Management Office (DMO).
The January 2026 auction will consist entirely of reopened Federal Government of Nigeria (FGN) bonds, spanning medium‑ and long‑term tenors designed to appeal to institutional and individual investors.
The government plans to raise ₦300 billion from the 18.50 per cent FGN February 2031 bond, ₦400 billion from the 19.00 per cent FGN February 2034 bond, and ₦200 billion from the 22.60 per cent FGN January 2035 bond.
In contrast, the January 2025 auction featured three bonds with a combined offer of ₦450 billion across five‑, seven‑, and ten‑year instruments, reflecting a more restrained borrowing posture at that time.
The sharp expansion in the size of the January 2026 issuance signals a greater reliance on domestic debt markets to meet budgetary and refinancing needs amid sustained fiscal pressures.
The reliance on bond reopenings rather than new issuances is intended to deepen market liquidity and provide predictable investment options for participants such as pension funds, insurance firms and other institutional investors.
Reopened bonds typically carry established coupon rates, offering investors greater clarity on expected returns.
The increase in planned borrowing comes as the government continues to manage fiscal obligations and refinance maturing debt.
Analysts note that strong investor participation in Nigeria’s domestic debt market in recent years has enabled the DMO to raise substantial sums through periodic auctions, even amid macroeconomic uncertainties.
The timing of the auction and the scale of the offering coincide with broader fiscal strategies aimed at financing the federal budget and supporting government expenditures through local borrowing.
Government securities issued through these auctions contribute to the development of Nigeria’s fixed‑income market and serve as benchmark instruments for domestic investors.
Investors interested in participating in the bond auction are required to submit applications through authorised Primary Dealer Market Makers (PDMMs), with all instruments priced at ₦1,000 per unit and a minimum subscription set at ₦50,001,000, according to the DMO circular.
The Federal Government’s decision to raise ₦900 billion in domestic bonds for January marks a substantial step in its 2026 borrowing programme and reflects the central role of the domestic debt market in financing public expenditure.
