The Debt Management Office (DMO) has officially opened subscriptions for its January 2026 Federal Government of Nigeria (FGN) Savings Bond, offering investors interest rates of up to 15.396 percent per annum on government-backed securities.
Details of the issuance were released on Monday, confirming the Federal Government’s continued push to deepen Nigeria’s domestic debt market while encouraging long-term savings among retail investors.
Bond Structure and Tenor
The January 2026 offer consists of two fixed-income instruments designed to appeal primarily to individual investors, while remaining suitable for institutional participation.
The bonds include a two-year tenor scheduled to mature in January 2028 and a three-year option set to mature in January 2029. Both instruments provide predictable income streams backed by the full faith and credit of the Federal Government of Nigeria.
Key Offer Details
Under the current issuance, investors can subscribe to:
- 2-Year FGN Savings Bond (maturing January 21, 2028) offering an annual interest rate of 14.396%
- 3-Year FGN Savings Bond (maturing January 21, 2029) offering an annual interest rate of 15.396%
The subscription window opened on January 12, 2026, and will close on January 16, 2026, with settlement slated for January 21, 2026.
Interest payments will be made quarterly, with coupon dates scheduled for April 21, July 21, October 21, and January 21 each year until maturity.
Investment Terms and Accessibility
FGN Savings Bonds are issued at ₦1,000 per unit, with a minimum investment threshold of ₦5,000. Additional subscriptions can be made in multiples of ₦1,000, subject to a maximum investment limit of ₦50 million per investor.
The bonds are listed on the Nigerian Exchange Limited (NGX), providing investors with the flexibility to sell their holdings on the secondary market before maturity if liquidity needs arise.
Interest income earned on the bonds is tax-exempt for qualified investors, including pension funds and trustees, in line with provisions of the Trustee Investment Act.
Market Context
The January 2026 issuance reflects Nigeria’s persistently high interest rate environment, which has characterised the fixed-income market throughout 2025.
During the past year, FGN Savings Bond yields consistently remained in the mid-to-high teens, with some offerings nearing 18 percent, driven by tight monetary conditions and investor demand for inflation-protected assets.
Compared to the December 2025 issuance, the January offer features noticeably higher yields. In December, the two-year bond was priced at 13.565 percent, while the three-year bond due November 2028 carried a yield of 14.565 percent.
Why the Offer Matters
For Nigerian savers seeking capital preservation and steady income, FGN Savings Bonds continue to stand out as a compelling alternative to traditional savings products, many of which struggle to keep pace with inflation.
The combination of sovereign backing, attractive yields, quarterly income, tax exemptions, and secondary market liquidity positions the January 2026 offer as a strong option in the current macroeconomic environment.
Background
FGN Savings Bonds were introduced to foster a savings culture among Nigerians and broaden retail participation in the bond market.
By keeping entry thresholds low while maintaining institutional-grade standards, the bonds have gained popularity among individual investors. Previous reports indicate that elevated government security yields have significantly boosted retail investor participation amid sustained inflationary pressures.
 has officially opened subscriptions for its January 2026 Federal Government of Nigeria (FGN) Savings Bond, offering investors interest rates of up to 15.396 percent per annum on government-backed securities.){kind=link}