The Debt Management Office (DMO) has revised its Q3 2026 FGN Bond Issuance Calendar, reducing the total planned issuance to a range of N3.4 trillion to N4.6 trillion, down from the original N4.2 trillion to N5.1 trillion.

While the July auction remains largely unchanged, significant adjustments were made to the August and September schedules, including a reduction in total offer sizes. The DMO has also introduced a new 10-year benchmark bond, the FGN SEP 2036, which will debut in September. The 15.45% FGN JUN 2038 bond remains the quarter’s primary anchor security, signaling a strategic focus on longer-duration debt despite the overall volume cut. This adjustment follows a recent expansion of the Q2 Treasury Bills programme, suggesting a shift toward short-term financing instruments to meet immediate fiscal needs. The DMO noted that the calendar remains provisional and subject to change based on market conditions.