The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria, has allotted a total of N3.64 billion in its April 2026 Savings Bond offer, reflecting sustained interest among retail investors in government-backed securities.
According to offer results released after the subscription window closed between April 7 and April 10, the issuance featured two instruments—a 2-year bond maturing in April 2028 and a 3-year bond maturing in April 2029.
The data showed stronger investor appetite for the longer-tenor instrument, as participants moved to lock in higher yields.
The 13.082 per cent FGN April 2028 Savings Bond recorded N864.961 million across 1,216 subscriptions, indicating moderate demand.
In contrast, the 14.082 per cent FGN April 2029 Savings Bond attracted N2.77 billion from 1,953 subscriptions, accounting for about 62 per cent of total subscriptions and roughly 76 per cent of total allotments.
Overall, the two instruments recorded 3,169 subscriptions, highlighting a clear preference among retail investors for higher-yielding securities, even with longer holding periods.
Analysts say the one percentage point yield premium on the 3-year bond significantly drove demand, with total allotments exceeding that of the shorter-tenor bond by more than three times.
Coupon payments on both bonds will be made quarterly—July 15, October 15, January 15, and April 15—offering investors a steady and predictable income stream.
The April issuance continues a trend of strong participation in Federal Government securities across both retail and institutional segments. In March 2026, savings bonds offered yields of up to 13.9 per cent, while February rates peaked at 15.356 per cent, reflecting a high-interest-rate environment.
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On the institutional side, January 2026 recorded N1.54 trillion in allotments, surpassing the N900 billion initially offered, while December 2025 saw N596.47 billion raised above the offer size.
The sustained demand underscores a broad-based investor inclination toward government securities, driven largely by attractive yields and relative safety.
