The Debt Management Office (DMO) raised N5.86 billion through the Federal Government of Nigeria Savings Bond (FGNSB) in August 2026, lower than the N6.19 billion raised in July.
The DMO announced this in its circular released on Thursday.
The August issuance comprised two-year and three-year savings bonds with interest rates of 13.963% and 14.963%, respectively.
The latest result marks a decline in funds raised from retail investors after stronger subscriptions in July.
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The August 2026 allotment was contained in the latest FGNSB allotment result released by the DMO, covering the offer period from August 3 to 7, 2026, with settlement taking place on August 12.
What the DMO is saying
The DMO allotted a combined N5.86 billion across the two FGNSB instruments offered to investors during the August subscription period.
- The 13.963% FGNSB due August 2028, with a two-year tenor, recorded total allotment of N1.318 billion and received 1,295 subscriptions.
- The 14.963% FGNSB due August 2029, with a three-year tenor, recorded total allotment of N4.545 billion and received 2,882 subscriptions.
- Both bonds have coupon payment dates of November 12, February 12, May 12 and August 12.
The bonds have maturity dates of August 12, 2028, for the two-year instrument and August 12, 2029, for the three-year instrument.
The combined August allotment of N5.86 billion represents a decline of about N330 million from the N6.19 billion raised through the two FGNSB instruments in July.
Get up to speed
The August result follows a period of varying participation in the government’s retail savings bond programme.
- In July, the DMO raised N6.193 billion through two FGNSB instruments carrying interest rates of 14.716% for the two-year bond and 15.716% for the three-year bond.
- The July issuance therefore attracted a higher amount of investment than the August offer despite the two instruments having higher coupon rates than the latest bonds.
- In June, the Federal Government raised N4.678 billion through its June 2026 Savings Bond issuance, showing stronger participation compared with May.
The June amount also exceeded the N4.074 billion raised through the May 2026 FGNSB issuance, according to the DMO allotment results.
What you should know
The FGNSB is issued by the Federal Government through the DMO and provides investors with an opportunity to invest in government-backed securities with defined coupon payments and maturity dates.
- The composition of the Federal Government’s domestic debt shows that FGN bonds remained the largest component at N63.45 trillion, representing 76.56% of total FGN domestic debt.
- Nigerian Treasury Bills accounted for N16.57 trillion, representing 19.99% of the domestic debt stock.
FGN Sukuk stood at N1.19 trillion, while FGN Savings Bonds accounted for N116.21 billion.
Promissory Notes amounted to N1.39 trillion, including N300.41 billion in naira-denominated promissory notes and N1.08 trillion in foreign currency-denominated promissory notes.
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