Nigeria's Debt Management Office (DMO) has reduced its Federal Government of Nigeria (FGN) bond issuance target for the third quarter of 2026 to a range of N3.4 trillion to N4.6 trillion.
The adjustment represents a downward revision from the previously outlined N4 trillion ($1.9 billion) program, reflecting a strategic shift in the government's approach to domestic debt management.
The cut comes as the Nigerian debt market has shown signs of resilience, with recent auctions recording robust subscription levels.
In a prior session, the DMO secured total demand of N1.74 trillion for FGN bonds, allotting N929.3 billion to investors.
These strong figures suggest that the government may be able to meet its funding requirements with a smaller volume of new issuance, potentially easing supply pressure on the market.
By lowering the issuance ceiling, the DMO aims to sustain liquidity in the local debt market while still securing necessary funds for government operations.