The Debt Management Office (DMO) has allocated a total of N4.074 billion to the May 2026 Federal Government of Nigeria (FGN) Savings Bond offering. The auction, which ran from 4 May to 8 May, attracted strong demand for the three‑year instrument, which alone accounted for more than 78 % of all subscriptions.
The 13.525 % bond maturing on 13 May 2028 was allotted N884.857 million to 1,459 successful investors. The 14.525 % bond, due on 13 May 2029, attracted N3.189 billion from 2,085 subscriptions. Both issues were priced at N1,000 per unit, with a minimum subscription of N5,000 and a maximum of N50 million per investor. Settlement was completed on 13 May, and coupon payments are scheduled quarterly on 13 August, 13 November, 13 February and 13 May throughout the life of each bond.
The May issuance delivered yields of up to 14.525 % per annum, positioning the bonds among the highest‑yielding products in the FGN Savings Bond programme for the year. The programme, launched to deepen retail participation in Nigeria’s domestic debt market and to promote financial inclusion, offers individual investors and small institutions a government‑backed avenue for savings with predictable returns.
By securing N4.074 billion in new retail funding, the DMO demonstrates continued appetite for sovereign debt among Nigerian investors. The strong preference for the three‑year tenor suggests that investors are seeking relatively higher yields over a shorter horizon while still benefiting from the full faith and credit of the Federal Government.
The allocation will bolster the government’s financing mix and support fiscal objectives without increasing external borrowing. As the next coupon dates approach, market participants will watch for any impact on liquidity and yield curves in the domestic market.
The DMO’s successful subscription reinforces confidence in Nigeria’s retail debt market and signals that the Savings Bond programme remains an effective tool for mobilising domestic savings in the current economic environment.
