The Federal Government of Nigeria (FGN) allotted a total of N1.54 trillion at its January 2026 bond auction, demonstrating sustained investor confidence in government securities despite a high-interest-rate environment.
The figures were published by the Debt Management Office (DMO) following the auction held on January 26, 2026.
The auction featured the re-opening of three existing bond instruments, with total allotments significantly exceeding the amount initially offered.
The DMO had put a combined N900 billion on offer across the three bonds, but investor appetite pushed total allotments well above that level, reflecting continued confidence in FGN securities and the attractiveness of prevailing yields.
Settlement for all successful bids is scheduled for January 28, 2026.
Investor demand was strong across all maturities on offer, with each of the three reopened bonds recording oversubscription.
The data show that longer-dated instruments attracted particularly robust interest, despite wide bid ranges.
Overall, marginal rates for the three bonds settled between 17.50 per cent and 17.62 per cent, even as bid ranges extended as high as 25.90 per cent on the longest-dated instrument.
The auction results point to strong demand across the yield curve, with investors willing to lock in longer tenors despite uncertainty in the broader macroeconomic environment.
Notably, marginal rates cleared well below the original coupon rates, reflecting aggressive bidding.
The DMO clarified that while allotments were made at these marginal rates, the original coupon rates of 18.50 per cent, 19.00 per cent, and 22.60 per cent will be maintained over the life of the respective instruments.
This strong showing follows earlier signals of sustained investor appetite for FGN bonds in recent auctions.
Naijaonpoint previously reported that the Federal Government planned to raise N900 billion through the re-opening of three bonds at the January 2026 auction.
These earlier results set the stage for the strong oversubscription seen in January 2026.
FGN bond auctions remain a key component of Nigeria’s domestic borrowing strategy and an important benchmark for pricing other fixed-income instruments in the market.