FG borrowed net ₦7.6 trillion in H1 2026

The Federal Government borrowed a net ₦7.6 trillion from Nigeria’s domestic debt market in the first half of 2026, according to investment firm Cordros Securities: Treasury bills contributed ₦3.18 trillion and FGN bonds ₦4.42 trillion.

The figure reflects new borrowing after rollovers; gross issuance was far higher, with separate analysis putting total Treasury bill and bond sales at roughly ₦19 trillion, about 65% of the government’s full-year domestic borrowing target.

Treasury bill sales rose 59.8% year-on-year to ₦12.75 trillion, with investors bidding roughly three times the amount offered, pushing yields up 106 basis points to 18.7%. Bond demand was comparatively weaker, with a bid-to-offer ratio of 1.8, down from 2.2 a year earlier, as benchmark bond yields climbed 123 basis points to 17.8%.

Cordros attributed softer bond demand to higher interest rates and shifting expectations around Central Bank policy, warning that heavy government issuance could keep borrowing costs elevated through the second half of the year, even as foreign investors continue showing interest in Nigeria’s fixed-income market.

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