FG Raises N1.14 Trillion in First 2026 Treasury Bills Auction

Nigeria’s Debt Management Office (DMO) raised a total of N1.144 trillion at its first Treasury Bills (T-Bills) auction of 2026, as investors continued to demonstrate strong demand for government securities despite rising stop rates across all maturities.

The auction, held on January 7, saw N108.17 billion raised for the 91-day T-Bill, N48.23 billion for the 182-day tenor, and N987.78 billion for the 364-day bill, the latter dominating the sale. Total subscriptions for the one-year paper reached approximately N1.38 trillion, with the stop rate climbing to 18.47 per cent, the largest increase across the yield curve.

According to the DMO, the robust demand reflects investor confidence in government instruments as a hedge against inflation and policy uncertainty. The new T-Bill technology is expected to improve market transparency and encourage long-term investment in the country’s debt market.

The results come as the United Nations projects global economic output to grow by 2.7 per cent in 2026, slightly below last year’s 2.8 per cent and below the pre-pandemic average of 3.2 per cent, according to the World Economic Situation and Prospects 2026 report.

Regionally, the report forecasts:

United States: 2.0% growth, up from 1.9% in 2025.

European Union: 1.3%, down from 1.5%.

East Asia: 4.4%, easing from 4.9%, with Japan expected to grow by 0.9%.

South Asia: 5.6%, led by India’s 6.6% expansion.

Western Asia: 4.1%, up from 3.4%.

Africa: 4.0%, marginally higher than 3.9% in 2025.

Latin America and the Caribbean: 2.3%, slightly down from 2.4%.


The UN report noted that global trade, which grew by 3.8 per cent in 2025, is expected to slow to 2.2 per cent in 2026, reflecting ongoing geopolitical tensions, policy uncertainty, and shifting global demand.

The strong investor interest in Nigeria’s T-Bills underscores the country’s resilient domestic capital market, with the one-year tenor remaining particularly attractive for those seeking higher yields and protection against reinvestment risk.