The Federal Government has moved to significantly scale up domestic borrowing, planning to raise as much as N900bn from its January 2026 bond auction.
‎The amount doubled the N450bn it targeted in January 2025, as fiscal pressures and refinancing needs continue to mount.
‎Offer documents released by the Debt Management Office showed that the January 2026 auction will feature three reopened Federal Government of Nigeria bonds with a combined size of N900bn, marking a 100% year-on-year increase in the size of the January offering.
‎The January 2026 programme, however, points to a sharper reliance on the domestic debt market.
‎According to the offer circular, the government plans to raise N300bn from a reopening of the 18.50% FGN February 2031 bond, N400bn from a reopening of the 19.00% FGN February 2034 bond, and N200bn from a reopening of the 22.60% FGN January 2035 bond.
Edited by Favour Owonibi.