Nigeria’s Debt Management Office (DMO) has officially opened subscriptions for the January 2026 tranche of the Federal Government of Nigeria (FGN) Savings Bond, offering investors returns of up to 15.39 percent per annum amid sustained tight monetary conditions.
The latest issuance underscores the Federal Government’s continued push to deepen the domestic debt market while encouraging long-term savings through low-risk, government-backed instruments. As with previous offerings, the bonds are fully guaranteed by the Federal Government of Nigeria, positioning them among the safest fixed-income investment options available to local investors.
According to the issuance circular released by the DMO, the January 2026 offer consists of two separate tenors structured primarily to attract retail investors while remaining open to institutional participation. The bonds include a 2-year FGN Savings Bond maturing in January 2028 and a 3-year FGN Savings Bond maturing in January 2029.
Under the offer terms, investors subscribing to the 2-year bond, scheduled to mature on January 21, 2028, will earn a return of 14.396 percent per annum. Meanwhile, the 3-year bond, which matures on January 21, 2029, carries a higher yield of 15.396 percent per annum, reflecting prevailing interest rate dynamics in Nigeria’s fixed-income market.
The subscription period opened on January 12, 2026, and will close on January 16, 2026, with settlement and allotment slated for January 21, 2026. Coupon payments will be made quarterly, with interest credited to investors on April 21, July 21, October 21, and January 21 of each year until maturity.
In terms of accessibility, the bonds are priced at N1,000 per unit, with a minimum subscription threshold of N5,000. Additional investments can be made in multiples of N1,000, up to a maximum cap of N50 million per investor, in line with the DMO’s retail-focused savings strategy.
The FGN Savings Bonds are also listed on the Nigerian Exchange Limited (NGX), providing investors with the option to trade their holdings in the secondary market should liquidity needs arise before maturity. In addition, interest income earned on the bonds is exempt from tax for qualified investors, including pension funds and trustees operating under the Trustee Investment Act.
The January 2026 issuance arrives against the backdrop of persistently elevated yields across Nigeria’s fixed-income landscape. Throughout 2025, FGN Savings Bond offers consistently delivered returns in the mid-to-high teens, with some tenors nearing the 18 percent mark, reflecting investor appetite for instruments capable of hedging inflation under restrictive monetary policy conditions.
Compared with the December 2025 offer, the latest issuance reflects a notable upward adjustment in yields. In December, the 2-year FGN Savings Bond was priced at 13.565 percent, while the 3-year bond due in November 2028 offered 14.565 percent, highlighting the impact of evolving liquidity and rate expectations entering the new year.
 has officially opened subscriptions for the January 2026 tranche of the Federal Government of Nigeria (FGN) Savings Bond, offering investors returns of up to 15.39 percent per annum amid sustained tight monetary conditions.){kind=link}