The Debt Management Office (DMO) has unveiled its Federal Government of Nigeria (FGN) Bond issuance calendar for the third quarter (Q3) of 2026, with planned auctions worth about N4 trillion aimed at financing the government’s fiscal needs.
The provisional calendar, released on Monday, June 29, outlines three auction dates scheduled for July 20, August 17 and September 14, 2026. The issuance plan features the reopening of three existing FGN bonds rather than the introduction of new debt instruments.
According to the DMO, the calendar is provisional and may be adjusted depending on market conditions.
The first auction on July 20 will feature three reopened bonds: the 22.60% FGN JAN 2035, 16.2499% FGN APR 2037, and 15.45% FGN JUN 2038.
Each instrument will have an offer size ranging between N400 billion and N600 billion.
The 22.60% FGN JAN 2035 bond will have a remaining maturity of 8 years and 6 months and will be offered between N500 billion and N600 billion.
The 16.2499% FGN APR 2037 bond will have 10 years and 9 months left to maturity, with an offer size of N400 billion to N500 billion.
Meanwhile, the 15.45% FGN JUN 2038 bond will have a remaining maturity of 11 years and 11 months.
For the August 17 auction, the DMO will remove the April 2037 bond from the offering, retaining only the January 2035 and June 2038 instruments.
Both bonds will have expanded offer sizes ranging from N600 billion to N800 billion each.
The same two-bond structure will be maintained for the September 14 auction, with offer amounts also ranging between N600 billion and N800 billion per instrument.
Based on the minimum offer amounts disclosed, the DMO plans to raise approximately N4 trillion during the quarter.
The issuance calendar shows no new bond series, indicating that the agency is focusing on reopening existing benchmark bonds to deepen market liquidity rather than introducing additional securities.
The monthly auction schedule also reflects the DMO’s established issuance pattern, with auctions taking place roughly every four weeks.
The continued emphasis on medium and long-term bonds suggests the Federal Government remains committed to extending the country’s debt maturity profile while reducing refinancing risks.
Financial analysts said the reopening strategy is designed to strengthen liquidity in the secondary bond market and improve price discovery.
Chief Blakey Ijezie, founder of Okwudili Ijezie & Co., said reopening existing bonds helps consolidate liquidity and provides investors with more active benchmark securities.
He added that the larger offer sizes planned for August and September indicate that the DMO expects strong investor demand, supported by the attractive yields recorded in recent primary market auctions.
According to him, investors generally prefer reopened bonds because they provide better liquidity in the secondary market.
The Chief Executive Officer of Highcap Securities Limited, Mr. David Adonri, described the Q3 calendar as evidence of continued aggressive domestic borrowing by the Federal Government.
He said the sizeable bond programme is likely to keep yields elevated as the government competes with corporate issuers for investment funds.
Both analysts noted that the final auction amounts could change because the issuance calendar remains provisional.
The DMO issues FGN bonds primarily to finance the Federal Government’s budget deficit and refinance maturing debt obligations.
The Federal Government recently increased its planned borrowing for 2026 to N29.20 trillion following an expansion of the national budget and fiscal deficit.
Market experts noted that reopening existing bonds enables the government to build larger benchmark issues, improve price transparency and narrow bid-ask spreads in the secondary market.
They also said the focus on bonds with maturities ranging from 10 to 20 years aligns with the government’s strategy of extending its debt profile and reducing the frequency of refinancing obligations.
The Q3 2026 bond issuance calendar reinforces the DMO’s continued reliance on benchmark bond reopenings to meet the government’s financing requirements while supporting the development of Nigeria’s domestic debt market.
