The Debt Management Office (DMO) has released its borrowing calendar for the third quarter of 2026, outlining plans to raise approximately N4 trillion through the reopening of existing Federal Government of Nigeria (FGN) bonds.
The auctions are scheduled for July 20, August 17, and September 14, 2026, and will focus exclusively on three benchmark instruments rather than introducing new bonds.
Auction Details
July 20 Auction: Will feature the 22.60% FGN January 2035, 16.2499% FGN April 2037, and 15.45% FGN June 2038 bonds, with offer sizes ranging between N400 billion and N600 billion per instrument.
August 17 and September 14 Auctions: Will reopen only the January 2035 and June 2038 bonds, with larger offer ranges of N600 billion to N800 billion each.
The strategy of reopening existing bonds is aimed at building deeper liquidity in key benchmark issues, improving secondary market trading, and extending the government’s debt maturity profile to ease future refinancing pressures.
This issuance programme forms part of the Federal Government’s broader domestic borrowing strategy to finance the 2026 fiscal deficit and refinance maturing obligations while supporting the development of the local capital market. The calendar remains provisional and may be adjusted based on prevailing market conditions.
