The Debt Management Office (DMO) has opened subscriptions for the January 2026 Federal Government of Nigeria (FGN) Savings Bonds, offering investors interest rates of up to 15.39 per cent per annum.
The FGN Savings Bonds, which are backed by the full faith and credit of the Federal Government, are regarded as one of the safest fixed-income investment instruments in Nigeria’s domestic market.
Details of the offer were released by the DMO on Monday as part of its January 2026 issuance, aimed at deepening the domestic debt market and encouraging a culture of savings through secure, long-term investment options.
The current issuance comprises a 2-year bond maturing on January 21, 2028, and a 3-year bond maturing on January 21, 2029. The bonds are designed primarily for retail investors, while remaining accessible to institutional participants.
Under the offer, investors can subscribe to the 2-Year FGN Savings Bond at an interest rate of 14.396 per cent per annum, or the 3-Year FGN Savings Bond at 15.396 per cent per annum.
The subscription window opened on January 12, 2026, and will close on January 16, 2026, with settlement scheduled for January 21, 2026.
According to the DMO, coupon payments will be made quarterly on April 21, July 21, October 21, and January 21 of each year until maturity.
The bonds are priced at N1,000 per unit, with a minimum subscription of N5,000. Additional investments can be made in multiples of N1,000, subject to a maximum subscription limit of N50 million per investor.
The bonds are also listed on the Nigerian Exchange Limited (NGX), giving investors the opportunity to trade them on the secondary market before maturity if liquidity is required.
In addition, interest earned on the FGN Savings Bonds is tax-exempt for eligible investors, including pension funds and trustees, in line with provisions of the Trustee Investment Act.
Recent FGN Savings Bond issuances have reflected the persistently high interest rate environment in Nigeria’s fixed-income market. Throughout 2025, yields on DMO offerings remained largely in the mid-to-high teens, with some approaching 18 per cent per annum, as investors sought instruments that could hedge against inflation amid tight monetary policy.
Against this backdrop, the January 2026 issuance features higher rates compared to the December 2025 offer. In December, the 2-year FGN Savings Bond was priced at 13.565 per cent per annum, while the 3-year bond offered a yield of 14.565 per cent per annum.
