Index to Nigerian Newspapers

The Federal Government of Nigeria plans to significantly expand domestic borrowing through its January 2026 bond auction, targeting N900bn—double the N450bn raised in January 2025. Offer documents from the Debt Management Office indicate that the auction will reopen three Federal Government of Nigeria bonds, reflecting mounting fiscal pressures and higher refinancing needs. The 2026 programme shows a strategic shift toward longer-dated instruments, with ten-year bonds accounting for about two-thirds of the total offer, compared with a smaller share a year earlier. This approach is intended to lengthen the government’s debt maturity profile and reduce near-term refinancing risks. However, the higher coupon rates—reaching 22.60 per cent on the January 2035 bond—underscore the rising cost of borrowing amid tight monetary conditions and inflation concerns. Despite the expanded auction, Finance Minister Wale Edun has reiterated the government’s intention to prioritise domestic resource mobilisation, strengthen revenue generation, and gradually reduce reliance on borrowing to enhance fiscal sustainability.