The Federal Government is planning to raise another N5.75 trillion through Federal Government of Nigeria (FGN) bonds in the fourth quarter of 2026, extending an aggressive domestic borrowing programme that has already seen bond allotments more than double in the first nine months of the year.

The Debt Management Office (DMO), in its provisional issuance calendar, scheduled bond auctions for October 19, November 16 and December 14, with planned offers of N1.75 trillion, N2 trillion and N2 trillion, respectively.

The proposed fourth-quarter issuance comes after the government allotted N7.15 trillion in FGN bonds between January and September 2026, representing a 106 per cent increase over the N3.48 trillion recorded during the corresponding period of 2025.

The latest borrowing plan also comes against the backdrop of Nigeria’s rising public debt stock, which climbed to N166.79 trillion as of June 30, 2026, from N159.35 trillion at the end of March, according to figures published by the DMO.

Domestic debt accounted for N91.59 trillion, representing 54.91 per cent of the total debt portfolio.

The planned bond sales would further expand the government’s domestic borrowing programme, although the actual amount raised will depend on the outcome of the auctions and any subsequent changes to the provisional calendar.

Under the proposed schedule, the DMO plans to raise funds through three instruments: the 19.00 per cent FGN February 2034 bond, the 16.79 per cent FGN September 2036 bond and the 15.45 per cent FGN June 2038 bond.

The February 2034 bond will account for N1.5 trillion of the planned issuance, with N500 billion offered at each of the three auctions.

The September 2036 instrument will attract the largest allocation of N2.8 trillion, comprising N800 billion in October and N1 trillion each in November and December.

The June 2038 bond will account for the remaining N1.45 trillion, with N450 billion scheduled for October and N500 billion each in November and December.

The November and December auctions will therefore account for N4 trillion, representing about 69.6 per cent of the planned fourth-quarter offers.

The proposed issuance follows a substantial increase in government bond allotments during the first nine months of the year, with several months recording sharp year-on-year growth.

In January, allotments rose by 157 per cent to N1.54 trillion from N601.04 billion in January 2025.

June recorded one of the most dramatic increases, with allotments climbing to N1.22 trillion from N100 billion a year earlier.

July allotments surged by 401 per cent to N931.82 billion from N185.93 billion, while August recorded a 491 per cent increase to N805.16 billion from N136.16 billion.

In September, allotments rose by 29.8 per cent to N748.64 billion from N576.62 billion in the corresponding month of 2025.

The increases more than offset declines in February and April, when allotments fell by 42.4 per cent and 30.4 per cent, respectively, compared with the same months last year.

The trend points to a significantly higher volume of bond financing in 2026, although the figures on allotments alone do not establish how much of the borrowing represents new financing needs, refinancing of maturing obligations or other debt-management operations.

The planned N5.75 trillion issuance will add to the Federal Government’s financing requirements at a time when the country’s public debt stock is already substantial.

The implications for public finances will depend partly on the terms at which the bonds are issued, the use of the proceeds and the government’s capacity to meet future interest and principal payments.

Longer-dated instruments, such as the February 2034, September 2036 and June 2038 bonds, also spread repayment obligations across future years, although they create corresponding long-term debt-service commitments.