 has announced plans to raise about ₦4 trillion through FGN Bond auctions in Q3 2026.){kind=link}
DMO Targets ₦4tn in Q3 Bond Auctions
The Debt Management Office (DMO) has announced plans to raise about ₦4 trillion through FGN Bond auctions in Q3 2026, covering three issuance dates: July 20, August 17, and September 14.
According to the Q3 2026 Bond Issuance Calendar, the auctions will feature reopenings of three existing instruments rather than new series, consolidating liquidity around benchmark bonds.
On July 20, three bonds will be offered: the 22.60% FGN JAN 2035 (₦500–₦600bn), the 16.2499% FGN APR 2037 (₦400–₦500bn), and the 15.45% FGN JUN 2038.
By August 17, the APR 2037 paper will be dropped, with only the JAN 2035 and JUN 2038 bonds offered, each in the range of ₦600–₦800bn.
The same two-bond structure will be repeated on September 14, again with ₦600–₦800bn per instrument.
Analysts say the reopening strategy reflects DMO’s effort to deepen existing bond lines and improve price discovery.
“Reopening these three bonds consolidates liquidity and improves transparency for investors,” said Chief Blakey Ijezie of Okwudili Ijezie & Co.
Highcap Securities CEO David Adonri described the plan as an aggressive borrowing programme, noting that yields are likely to remain elevated as government competes with corporates for funds.
The DMO explained that the auctions are part of efforts to finance Nigeria’s ₦29.2 trillion borrowing requirement for 2026, driven by a larger budget and fiscal deficit.
Longer-dated bonds are preferred to extend the debt maturity profile and reduce refinancing risks.
The calendar underscores the government’s reliance on reopened benchmark bonds to meet financing needs while supporting market depth and investor confidence.