Government securities dominated new and supplementary listings on the Nigerian Exchange (NGX) in the first nine months of 2026, accounting for N11.08 trillion, or 80% of the N13.86 trillion total listing value recorded. According to the NGX Regulation (NGX RegCo) X-Compliance Report, Federal Government instruments, including bonds and Sukuk, made up N10.835 trillion of this total, while Lagos State government bonds contributed N244.815 billion. The remaining N2.78 trillion was attributed to corporate and other non-government transactions. This trend underscores the heavy reliance on domestic capital markets to finance Nigeria’s elevated fiscal deficit, which has seen repeated reopenings of existing bond lines throughout the year.