FG Raises N5.08tn from Domestic Bonds in H1 2026 as Borrowing Costs Ease
The Federal Government allotted N5.08 trillion in domestic bonds between January and June 2026, up from N2.86 trillion in the same period last year. This 77.8% rise came even as average marginal rates fell, reflecting strong investor appetite. Subscriptions topped N9.04 trillion over the six months, although demand-to-offer ratios dipped from 236% to 183% year on year. Monthly borrowings peaked in January (about N1.68 trillion) and June (N1.22 trillion), while February and April saw lower allotments. Foreign investors also ploughed $3.23 billion into Nigerian bonds in Q1 2026. Experts warn that rising government borrowing could crowd out the private sector and increase debt-service costs. They urge greater use of public-private partnerships and expect bond yields to remain high through Q3 2026.
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