The Federal Government has raised N6.69 billion through its September 2026 Federal Government of Nigeria Savings Bond, offering retail investors annual returns of 14.12 per cent on the two-year instrument and 15.12 per cent on the three-year paper.
According to a circular from the Debt Management Office, N1.282 billion was allotted on the two-year bond maturing in September 2028, while N5.408 billion went to the three-year bond due in September 2029. The offer window ran from 7 to 11 September 2026 and drew 1,290 subscriptions for the shorter tenor and 3,209 for the longer one. Settlement took place on 16 September.
Instrument Details
Both bonds pay interest quarterly on 16 December, 16 March, 16 June and 16 September. The higher coupon on the three-year security compensates investors for locking in funds for a longer period.
The September result is higher than the N5.86 billion raised in August and the N6.19 billion recorded in July.
Year-to-Date Performance
The latest issuance lifts total funds mobilised through the savings bond programme in the first nine months of 2026 to about N40.5 billion. Monthly proceeds varied across the period:
– January: N6.341 billion
– February: N5.913 billion
– March: N3.859 billion
– April: N3.639 billion
– May: N4.074 billion
– June: N4.678 billion
– July: N6.19 billion
– August: N5.86 billion
– September: N6.69 billion
September’s figure is the strongest monthly total so far this year.
Purpose and Structure
The savings bond is designed to give ordinary investors access to government securities while providing the Federal Government with a domestic funding channel. Units are priced at N1,000 each, with a minimum subscription of N5,000 and further investments in multiples of N1,000, subject to a maximum of N50 million per investor.
The securities carry the full faith and credit of the Federal Government and qualify as government instruments under relevant tax rules. The September rates of up to 15.12 per cent exceed the maximum of 14.963 per cent offered in the August round, reflecting continued demand for the longer-dated option.
