NEWS
DMO’s November Savings Bond Allotment Falls 17.4 Percent to N5.06bn
DMO’s November Savings Bond Allotment Falls 17.4 Percent to N5.06bn
The Debt Management Office allotted N5.06bn in November, down from N6.12bn in October, as demand weakened across both bond tenors.
Combined subscriptions fell to 3,358 from 3,939, despite an increase in the interest rates offered to investors.
However, savings bond allotments rose 30.4 percent year-on-year to N47.25bn between January and September 2026.
November 13, () – The Debt Management Office allotted N5.06bn to investors in its November Federal Government of Nigeria Savings Bond offer, representing a 17.4 per cent decline from the N6.12bn recorded in October, as subscriptions fell across both investment tenors.
The November allotment comprised N746.01m for the two-year bond and N4.31bn for the three-year instrument, according to the DMO’s latest allotment results published on Thursday.
Channel
The offer opened from November 2 to 6 and was settled on November 11, with annual interest rates of 13.25 percent and 14.25 percent for the two-year and three-year bonds, respectively.
The decline in allotment came despite higher interest rates on both instruments, indicating that the improved returns did not translate into stronger demand during the offer period.
A representation of Government bonds Photo credit Shutterstock
Subscriptions decline across both tenors
The two-year November 2028 bond attracted 968 subscriptions, down from 1,261 recorded in October. The amount allotted also fell to N746.01m from N1.02bn.
Every second brings Nigerians closer to exercising their democratic right and shaping the future of our nation.
Exercise your democratic right responsibly, peacefully and lawfully.
For the three-year November 2029 instrument, subscriptions declined to 2,390 from 2,678, while the allotment dropped to N4.31bn from N5.11bn.
Combined subscriptions across the two instruments fell to 3,358 from 3,939 in October.
The three-year bond continued to account for the larger share of funds raised, contributing about 85 percent of the November allotment.
The DMO increased the annual interest rate on the two-year bond to 13.25 percent from 13.071 percent in October. The rate on the three-year instrument also rose to 14.25 percent from 14.071 percent.
The increase amounted to 0.179 percentage points for each tenor.
Interest on the savings bonds is paid quarterly on February 11, May 11, August 11, and November 11. The two-year instrument will mature on November 11, 2028, while the three-year bond is due on November 11, 2029.
Nine-month allotment rises 30.4 percent
Despite the weaker November performance, the DMO recorded higher savings bond allotments during the first nine months of 2026.
The agency allotted N47.25bn through the programme between January and September, up 30.4 percent from N36.23bn recorded in the corresponding period of 2025.
The Federal Government Savings Bond programme provides retail investors with an avenue to invest in government securities, with fixed interest payments and defined maturity dates.
Unlike larger Federal Government bond issuances, which are generally targeted at institutional investors, the savings bond programme is designed to make government debt instruments accessible to individuals and other retail investors.





