Nigeria’s Debt Management Office (DMO) raised ₦5.86bn (£2.8m) through the Federal Government Savings Bond (FGNSB) in August 2026, marking a drop from the ₦6.19bn secured in July.
Official allotment results published by the debt agency on Thursday showed a decline of roughly ₦330m in retail investor participation compared with the previous month.
The August offer, which ran from 3 to 7 August with settlement on 12 August, was split across two-year and three-year tenors, offering annual coupon rates of 13.96 per cent and 14.96 per cent, respectively.
The two-year bond, maturing in August 2028, attracted ₦1.32bn across 1,295 subscriptions. The three-year instrument, due in August 2029, accounted for the bulk of the intake, raising ₦4.55bn from 2,882 subscribers.
The dip follows a stronger performance in July, when higher offered interest rates of 14.71 per cent and 15.71 per cent helped draw ₦6.19bn from investors.
While savings bonds are designed to encourage retail participation in government securities, they represent a small fraction of Nigeria’s total domestic debt stock. FGN bonds continue to dominate the government’s domestic debt portfolio at ₦63.45tn—accounting for over 76 percent of the total—followed by Treasury Bills at ₦16.57tn.
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