NEWS
Beyond the Northern Security Trust Fund Board
By Sani Danaudi Mohammed
Long before the colonial borders, the North of Nigeria was the heartbeat of commerce in West Africa. From Kano to Katsina, Zaria to Sokoto, our cities were not just centers of learning and faith, they were the engine rooms of the trans-Saharan trade.
Caravans loaded with leather, textiles, kola, natron, and gold moved north to Tripoli and Cairo, and returned with books, spices, and silver. The North didn’t beg for wealth. It produced, processed, and traded. Our markets were disciplined, our guilds were organized, and our reputation for quality was continental. That was our first security: prosperity.I speak to you as a Fulani herder who has lost cattle, family, and peace to the unrest that has torn the North apart and endangered the very bond of our coexistence. I welcome this initiative and I applaud the governors for this important and strategic planning, and for trusting men like Gen. Agwai and Alhaji Yayale Ahmed to lead it.
Let us not deceive ourselves: the North almost sank itself when we abandoned production for politics, when we let our markets, our ranches, and our schools collapse while chasing handouts.If this Trust Fund is to be different from the Bank of the North that died quietly, then it must protect not just the towns, but also the herder in the bush, the farmer on his field, and the child in the classroom, so that we can rebuild trust, secure our livelihoods, and never again allow greed and neglect to drown the North.
That prosperity was built on three values we have since lost: production over consumption, processing over export of raw materials, and trust over extraction*. The ancient Kano dye pits didn’t just sell indigo. They added value. The Sokoto leather industry didn’t just sell hides. It made shoes, saddles, and bags that were sought after across the Sahara. Even our cattle economy was circular. Milk, meat, hide, and manure all had a market. We understood value chains 500 years before the term existed. What we sold was not just what the land gave us, but what our hands and minds had improved.
We lost those values when oil made us lazy and insecurity made us fearful. We stopped processing tomatoes and started importing paste. We stopped tanning leather and started exporting raw hides. We stopped organizing trade routes and started paying bandits to let trucks pass. The trans-Saharan spirit of enterprise was replaced with a palliative mindset: wait for allocation, wait for intervention, wait for Abuja. As a result, the same land that once financed empires now finances ransom. The same young men who would have been apprentices in a tannery or a mill are now foot soldiers in the bush. We didn’t just lose trade. We lost identity.
We must also confront our history with honesty: the Bank of the North died a natural death not because the North lacked capital or vision, but because it was starved of political will, hijacked by politics, and killed by poor governance and zero accountability. It started as our pride, a vehicle to finance northern enterprise, but ended as another monument to good intentions without structure.
So the hard question today is this: what assurance do we have that the Northern Nigeria Security Trust Fund will not suffer the same fate? Unless this Fund is insulated from politics, run with transparent quarterly audits, tied directly to measurable outcomes in lives saved and jobs created, and governed by the discipline that Gen. Agwai and Alhaji Yayale Ahmed represent, we risk repeating history, collecting ₦1bn monthly only to fund meetings, allowances, and another legacy of waste.
The Northern Nigeria Security Trust Fund can be the bridge back. With leaders like Gen. Martin Luther Agwai and Alhaji Mahmud Yayale Ahmed at the helm, we have the credibility to revive what worked. Revival means going back to the trans-Saharan model, but with modern tools: agro-processing zones instead of dye pits, meat and dairy factories instead of open grazing, mining corporations with community equity instead of illegal pits. It means rebuilding trust through data, infrastructure, and justice. If we recommit to production, processing, and trade, the North will not only defeat banditry. It will once again become the commercial gateway of Africa, just as our forefathers did.
The appointment of Gen. Martin Luther Agwai (rtd) and Alhaji Mahmud Yayale Ahmed as co-chairmen of the Northern Nigeria Security Trust Fund Board is a bold and timely move by the Northern States Governors’ Forum. Inaugurated on Wednesday at Sir Kashim Ibrahim House, Kaduna, the board sends a clear signal: the North is tired of waiting and is ready to take charge of its own security destiny. The choice of these two patriots reflects both gravitas and experience, and for that, the governors deserve commendation.
Gen. Agwai is not just a former Chief of Defence Staff. He is a soldier’s soldier who commanded at the highest levels, led Nigeria’s contingent in Sierra Leone, and served as Joint Special Representative for the UN-AU Mission in Darfur. He understands counter-insurgency, civil-military relations, and the human cost of war. Alhaji Yayale Ahmed, former Minister of Defence and former Head of Service of the Federation, brings the rare blend of bureaucratic mastery, political reach, and national security policy experience. Together with a board packed with ex-COAS Lt. Gen. Faruk Yahaya, ex-IGP Usman Alkali
Baba, ex-SGF Boss Mustapha, and other retired generals and security chiefs from the 19 northern states, they are coming with a fantastic team.
But we must say it plainly: security alone cannot cure what ails the North. The governors’ resolution that each state and its LGs will contribute ₦1bn monthly for 12 months is well-intentioned. That is ₦19bn from states, and more from LGs, in a year. Yet when measured against the scale of banditry, terrorism, kidnapping, and cattle rustling across a region larger than many countries, it is a drop in the ocean. Without addressing the economic roots of violence, we risk funding an endless emergency response.
This is a policy problem, not just a security problem. For too long, our budgets have prioritized guns over growth. We buy more trucks, more drones, more allowances for operations, while leaving idle the greatest assets the North possesses: land, cattle, minerals, and people. A region that feeds Nigeria cannot feed itself out of poverty. A region that sits on gold, limestone, tin, and coal cannot export raw poverty and import finished wealth. That must change, and it must change now.
First, agriculture and its value chains must become the centerpiece of the northern response. The North accounts for over 70% of Nigeria’s food production, yet post-harvest losses run as high as 50% because we have no storage, no processing, and no markets. We should establish agro-industrial processing zones in each geo-political zone of the North. Think tomato paste factories in Kano and Katsina to end the annual tomato glut and importation. Think rice mills in Kebbi, Niger, and Nasarawa operating 24 hours. Think maize and soybean processing for poultry feed to crash the cost of food. Ethiopia turned agriculture into a growth engine through clusters and cooperatives. We can do the same.
Second, we must industrialize cattle. The North has over 20 million cattle, yet we export live animals and import beef, milk, and leather. That is economic suicide. We need modern abattoirs and meat processing plants in Maiduguri, Sokoto, Jos, and Kaduna that meet export standards. We need dairy collection centers and milk processing plants so Fulani families earn from milk daily, not just from selling a cow in distress. We need tanneries and leather goods factories in Kano to revive what once made “Made in Kano” shoes famous worldwide. Brazil earns over $7bn annually from beef exports because it moved from herding to industry. The North can too.
Third, mining must be formalized and localized. The North is sitting on gold in Zamfara, Niger, and Kaduna; limestone in Gombe and Sokoto; tin in Plateau; coal in Kogi and Benue. Today, artisanal miners dig and smuggle, bandits tax them, and the value leaves our borders. We should create Northern Mineral Development Corporations, with community equity, to partner with investors, enforce standards, and build processing plants. Australia built entire towns around mining value chains. The DRC, despite its challenges, is leveraging cobalt for global battery supply. The North has no excuse to remain a pit and a passage.
Fourth, intelligence and security must be married to livelihoods. A young man with no farm, no job, and no hope is the easiest recruit for a bandit. The Trust Fund should therefore earmark at least 40% of its resources for economic resilience: irrigation schemes, rural roads, solar-powered cold rooms, and vocational training. Security operations must be judged, as Chairman Yahaya said, by protection of lives, not meetings. But lives are protected when there is something to protect and something to lose.
Fifth, traditional institutions must be funded to lead community policing and early warning. The endorsement by the Sultan of Sokoto, Alhaji Sa’ad Abubakar III, is crucial. Emirs, chiefs, and district heads know every compound. They should be equipped with communication tools, data systems, and stipends to coordinate with the new board. Kenya’s Nyumba Kumi and Rwanda’s community policing models show that trust is the cheapest and most effective security technology.
Sixth, we must fix the corridor economy. Banditry thrives on highways where there is no light, no patrol, and no commerce. The governors should prioritize 10 critical economic corridors linking farms to markets and mines to ports. Light them, secure them, and insure trucks that ply them. When goods move safely, prices fall and jobs rise. When goods don’t move, desperation rises.
Seventh, education and deradicalization must run parallel to kinetic action. Almajiri reform, girl-child education, and out-of-school children programs are not “soft” issues. They are hard security. The board, with members like Prof. Usman Tar from Borno who understands the insurgency’s ideological roots, should push for a Northern Education Emergency Fund to get 10 million children into classrooms within 3 years.
Eighth, data must drive us. The board should build a Northern Security and Economic Observatory that maps attacks, drought, grazing routes, mining sites, and poverty in real time. Without data, ₦1bn monthly becomes politics. With data, it becomes precision. Morocco’s agricultural and security planning uses satellite and ground data to target interventions. We have the capacity.
Ninth, regional trade must be unlocked. The North borders Niger, Chad, and Cameroon. Instead of closing borders during crises, we should formalize cross-border cattle, grain, and mineral trade with standards and tariffs that benefit our people. The Sahel is a market of 150 million people. We are treating it like an enemy instead of an opportunity.
Tenth, accountability must be ruthless. The Trust Fund must publish quarterly reports: money in, money out, projects delivered, lives saved. It must not become another meeting club. Credibility is its only currency. The people of Katsina, Zamfara, and Benue are watching, and they are tired of promises.
Eleventh, climate adaptation must be central. Farmer-herder clashes are climate conflicts. We need grazing reserves with water and fodder, ranching pilots with private investment, and massive tree planting to combat desertification. The Great Green Wall cannot remain a slogan. Senegal and Burkina Faso are showing that green infrastructure reduces conflict.
Finally, let this be the moment the North chooses production over palliative. ₦1bn a month per state will help, but it will not end the war. Only jobs will. Only factories will. Only value chains will. Gen. Agwai and Alhaji Yayale Ahmed are coming with wisdom, networks, and discipline. If the governors match that with economic courage, the North will not just be safer. It will be prosperous.
The gun can secure today. Only the farm, the factory, and the mine can secure tomorrow.
Danaudi, Writes From Bauchi Via danaudicomrade@gmail.com
By Racheal Abujah
When Nigeria gained independence on Oct. 1, 1960, it held immense promise.
Sixty-six years later, healthcare delivery remains deeply polarised.
Brilliant achievements in medical training and crisis control are consistently undermined by chronic underfunding, broken infrastructure, critical staffing shortages, and severe inequities.
Nigeria eradicated smallpox in 1980, made significant progress against diseases such as river blindness and polio, expanded immunisation and built institutions that became important centres of medical education, research and specialist care.
But progress has not always been sustained. For millions of Nigerians, healthcare remains a financial burden, while many primary healthcare facilities still struggle with electricity, water, equipment, medicines and skilled personnel.
President Bola Tinubu sounded upbeat about the healthcare sector during his address on Nigeria’s 66th Independence Anniversary.
“We will continue to strengthen primary healthcare, basic education, and the essential public services poorer,’’ he said.
Analysts argue that Nigeria’s health story is one of neither failure nor uncomplicated success. It is a story of achievement, interrupted progress, and repeated attempts at reform.
In the early post-independence years, health development focused heavily on tertiary institutions and urban centres.
Experts say University College Hospital, Ibadan, and teaching hospitals in Lagos, Zaria, and Enugu became key centres for medical training and specialist care.
Yet many rural communities remained poorly connected to formal healthcare.
A major shift came under the late Prof. Olikoye Ransome-Kuti, Minister of Health from 1985 to 1993.
Ransome-Kuti championed primary healthcare, prevention, immunisation, maternal and child health and community participation.
Former Health Minister Prof. Eyitayo Lambo, who also served as a Regional Adviser on Health Economics at WHO/Africa Region, later described Ransome-Kuti as a reformer and change agent whose contribution left a lasting mark on Nigeria’s health system.
The philosophy was simple: healthcare should begin in the community, not only when a patient reaches a teaching hospital.
Economic difficulties, the Structural Adjustment Programme and years of military rule, however, placed pressure on public institutions.
The depreciation of the naira increased the cost of medicines and equipment, while health-worker migration became increasingly visible.
The return to democracy in 1999 brought renewed efforts to reform healthcare.
In 2001, African leaders adopted the Abuja Declaration, committing countries to allocate at least 15 per cent of their annual budgets to health.
Nigeria subsequently enacted the National Health Act of 2014, establishing the Basic Health Care Provision Fund (BHCPF), and the National Health Insurance Authority Act of 2022.
The BHCPF was designed as a dedicated financing mechanism for primary healthcare and Universal Health Coverage.
Its current platform reports 8,309 PHC facilities directly funded across the 36 states and the FCT, 1,296 facilities revitalised and more than 20 million Nigerians enrolled in health insurance.
Yet financing remains one of the sector’s biggest challenges. The 2026 Federal Budget allocated N2.48 trillion to health.
Dr Ipalibo Banigo, Chairman of the Senate Committee on Health, Secondary and Tertiary, has called for stronger domestic health financing and supported efforts to increase the statutory BHCPF allocation from one to two per cent of the Consolidated Revenue Fund.
The household burden remains substantial.
WHO reported that household out-of-pocket spending accounted for about 72 per cent of Nigeria’s current health expenditure in 2023, linking the way healthcare is financed to whether people receive care early, delay treatment or miss it altogether.
For a family facing cancer, kidney disease, complicated pregnancy, trauma or prolonged hospitalisation, treatment costs can quickly become an economic crisis.
Nigeria’s health financing system also relies on government revenue, insurance, private spending and external assistance.
The WHO/ African Health Observatory health-system profile notes that donor funding remains part of this financing mix, highlighting the importance of strengthening sustainable domestic financing.
The primary healthcare system remains the foundation of any attempt to achieve Universal Health Coverage.
The Federal Government says more than 3,000 PHCs have been revitalised under the current administration, while the latest N32.9 billion BHCPF disbursement supports more than 8,300 facilities through performance-based financing.
But the real test is what happens inside those facilities.
In August, the current Minister of State for Health and Social Welfare, Dr Iziaq Salako, said between 60 per cent and 70 per cent of Nigeria’s primary and tertiary health facilities experienced frequent power outages or had no electricity, while about 40 per cent of functional PHCs had no electricity access.
The consequences can be particularly serious for women and children.
Salako said more than 70,000 frontline health workers had been retrained towards a target of 120,000, while Nigeria had also been advocating managed migration arrangements that would require destination countries to contribute to training and workforce development in source countries.
Salako said the Presidential Initiative for Unlocking the Healthcare Value Chain and the pharmaceutical sector executive order were intended to reduce dependence on imported health commodities and increase local production.
Nonetheless there are concerns about brain drain and other related issues.
“But training alone cannot resolve the “Japa” challenge. Remuneration, safety, equipment, housing, working conditions and career progression remain important considerations in retaining professionals.
“COVID-19 exposed weaknesses in Nigeria’s laboratory capacity, supply chains and access to essential medical commodities. It also prompted investments in preparedness,’’ a health analyst said.
Dr Simeon Agwale, a renowned virologist and Chief Executive Officer of Innovative Biotech, said the COVID-19 pandemic exposed how vulnerable countries could become when global supply chains were disrupted.
He said for Nigeria, strengthening local manufacturing was therefore becoming increasingly important for health security, economic resilience and pandemic preparedness.
Agwale also noted that climate change was adding another layer to the country’s health challenges.
“Flooding, extreme heat, changing patterns of infectious diseases, food and water insecurity, as well as damage to health infrastructure, can affect communities and put additional pressure on health services.
“WHO describes climate change as a threat to health systems and a factor that can undermine the gains already made in public health?”
He said building climate-resilient healthcare in Nigeria would require ensuring that health facilities could continue to function during floods and heatwaves.
“It would also require stronger surveillance for climate-sensitive diseases and greater protection of water, sanitation and food systems,’’ he said.
Under Coordinating Minister of Health and Social Welfare Prof. Muhammad Pate, the Federal Government introduced the Nigeria Health Sector Renewal Investment Initiative, implemented through a Sector-Wide Approach.
The strategy seeks to reduce fragmentation, strengthen primary healthcare, improve financing and increase accountability.
Pate reported in 2025 that health insurance coverage had risen from about six to seven per cent two years earlier to 12 per cent, driven partly by mandatory insurance and the Vulnerable Groups Fund.
He also called for greater investment by states and Local Governments in health, water, sanitation and nutrition.
Pate said the reform agenda had also produced more than 21 strategic health policies, expanded health infrastructure and strengthened digital health systems.
It is experts’ view that Nigeria is not held back by a lack of health policies, but by the critical gaps in implementing them.
For any future strategy to succeed, experts say funding must move past bureaucracy and directly reach the frontlines where it can tangibly transform a patient’s experience.
By embracing predictable domestic financing, fostering community ownership, and using robust data to target resources where they are needed most, policymakers can build a healthcare system that truly serves its people.
Stakeholders say the path forward does not lie in copying foreign models, but in forging a resilient, sustained framework uniquely tailored to Nigeria’s size and realities.(NAN)
By Gabriel Agbeja
In spite of arriving on time, checking in, and waiting at the boarding gate, many air travelers in Nigeria are increasingly met with sudden announcements of flight delays or cancellations.
Consequently, flight disruptions have become one of the most persistent challenges plaguing Nigeria’s domestic aviation industry.
While delays and cancellations are not peculiar to Nigeria, their frequency has continued to generate concern among passengers, airlines, regulators and other stakeholders.
Capt.
John Ojikutu, Chief Executive Officer of Centurion Security and Safety, said in an interview with the News Agency of Nigeria that domestic market encroachment was a primary cause of frequent flight delays and cancellations.“If the commercial agreement was included in the Bilateral Air Services Agreement (BASA) during the era of Nigeria Airways, why did Nigeria Airways not fly to Gatwick, whereas British Airways (BA) was permitted to include Abuja and Lagos as part of its designated routes under the BASA?
“Why was Arik refused Heathrow but only Gatwick? I don’t know how you can convince me with language of the foreign airlines’ incursion rights into our domestic market with the help of our political office holders.
“Tell me why BA and VK from the UK operate to Lagos and Abuja, why Emirates, Qatar, and Etihad operate to Lagos, Abuja, and Kano, and especially why Ethiopian Airlines operates to all five Nigerian international airports.
“You consider these as a right in the Nigerian commercial agreement with the countries of these foreign airlines.
“How many of our 15 domestic airlines can fly daily to our five international airports if you still have not seen these ‘rights’ as incursions into the domestic airline market?” he queried.
Meanwhile, the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, has placed considerable emphasis on engagement with industry stakeholders as part of efforts to address operational challenges.
In August 2026, Keyamo convened an emergency stakeholders’ meeting involving aviation unions, airline operators and government agencies following industrial tensions that disrupted flight operations.
Among the resolutions was a plan for the Nigeria Civil Aviation Authority (NCAA) and other aviation-agency heads to obtain payment schedules from airlines with outstanding statutory obligations, taking into consideration the airlines’ operating costs and prevailing economic realities.
Keyamo, who had said in many fora that airlines must meet their financial and regulatory obligations, affirmed that excessive financial pressure on operators can also threaten their ability to maintain sustainable operations.
“The Federal Government’s challenge is consequently to create an environment in which airlines can remain financially viable while passengers receive dependable services.
“At the centre of the effort is the NCAA, which is responsible for regulating the industry and protecting the interests of air travelers.
“Such measures are important because effective regulation goes beyond monitoring safety. It must also ensure that airlines provide reliable services and properly manage passengers when disruptions occur, ’’ he said.
Nevertheless, data released by the NCAA recently revealed that it recorded 4765 light delays and 36 cancellations in the month of August.
The regulator, in its summary of domestic airline flight disruption operations in the country for August revealed that 15 carriers operated 7,961 flights during the month, with roughly six in every 10 flights failing to operate on schedule.
“Air Peace recorded the highest number of delayed flights, with 1,330 of its 1,864 flights delayed, representing 71.4 per cent of its operations.
“United Nigeria Airlines recorded the highest delay rate among the carriers, with 943 of its 1,231 flights delayed, representing 76.6 per cent. The airline also recorded eight cancellations, the highest number during the month.
“Enugu Air followed with 582 delays out of 878 flights, representing 66.3 per cent, in addition to four cancellations.’’
It said Value Jet recorded 435 delays from 767 flights, representing 56.7 per cent, while Aero had 246 delays out of 469 flights, or 52.5 per cent.
Also, Green Africa recorded 114 delays from 226 flights, representing 50.4 per cent, while Overland had 139 delays out of 239 flights, or 58.2 per cent.
“Ibom Air recorded 254 delays from 560 flights, representing 45.4 per cent, while Max Air had 204 delays from 336 flights, or 60.7 per cent.
“Rano Air recorded 216 delays from 503 flights, representing 42.9 per cent, while Arik had 188 delays from 301 flights, or 62.5 per cent.
“Xe Jet recorded 40 delays from 127 flights, representing 31.5 per cent, while Binani had 22 delays from 57 flights, or 38.6 per cent.’’
NCAA stated that Umza Air recorded the best performance among the carriers, with 52 delays from 403 flights, representing 12.9 per cent, and no cancellations.
NCAA reported that 2,801 delayed flights were set back by 16 minutes to an hour, and 1,322 flights were delayed for one to two hours.
“Another 407 flights were delayed for between two and three hours, while 235 experienced delays of three hours or more.
“Air Peace accounted for 108 of the 235 longest delays, followed by Enugu Air with 46 and United Nigeria with 41; NG Eagle recorded no operations during the period,’’ it said.
More so, NCAA has issued stern warnings to airlines over spate of flight delays, crew shortages and other consumer-related infractions, urging them to align flight schedules with available aircraft and crew.
The Director General of Civil Aviation (DGCA), Capt. Chris Najomo, gave the admonition during separate interactive sessions with Air Peace and Max Air, held at the NCAA Corporate Headquarters in Abuja recently.
Najomo questioned the effectiveness of the buffer in view of recurring delays and cancellations being experienced, while acknowledging weather, diversions and airport restrictions as possible causes.
He underlined the need for contingency planning and effective passenger communication.
The NCAA Director, Public Affairs and Consumer Protection, Mr Michael Achimugu, said authority monitoring had revealed instances where passengers were left without adequate information or assistance.
He reminded Air Peace of its obligations to provide refreshments after two hours, meals after six hours, and accommodation, refunds and compensation where applicable.
He also raised concerns over flight merging and urged prompt responses to consumer complaints.
Responding, the Chief Operating Officer at Air Peace, Oluwatoyin Olajide, disclosed that the airline had 20 aircraft – five Aircraft on Ground (AOG) and 15 serviceable.
Olaide added that Air Peace deliberately operated 80 to 85 flights daily to maintain a buffer for disruptions.
She attributed disruptions to technical issues, including bird-strike damage, component shortages and a cracked windshield, as well as weather and airport restrictions.
Olaide said that Air Peace provided hotel accommodation and assistance to affected passengers.
At the Max Air session, the General Manager, Ground Operations/Business Development, Mr Raymond Omadiagbe, disclosed that three Boeing 737 aircraft were available for domestic operations.
He said that all serviceable, with only two being operated due to crew limitations, the international fleet comprised two Boeing 747s and one Boeing 777 undergoing checks.
Omadiagbe said Max Air had reduced its schedule to match available resources in addition to discontinuing late-night Kano operations following passenger feedback.
Observers say the recent interventions by the Federal Government, the NCAA, airlines and other stakeholders show that the problem is receiving attention.
Nonetheless, the August disruption figures demonstrate that much more remains to be done.
Experts say the true measure of progress for Nigeria’s aviation industry lies not in how swiftly stakeholders manage flight delays and cancellations, but in their ability to build systems that prevent these disruptions altogether.
For Nigerian travelers, success is defined by a simple, predictable experience: arriving at the airport, boarding on schedule, and reaching their destination safely.(NAN)
By Tambaya Julius, Abuja
The Federal Government’s allotment of domestic bonds rose sharply in the first nine months of 2026, reaching N7.15tn, representing a 106 per cent increase over the N3.
48tn allotted during the same period in 2025.An analysis of monthly auction results released by the Debt Management Office showed that the significant increase reflected the Federal Government’s increased reliance on the domestic capital market to finance its spending and other funding requirements.
The sharp rise was driven largely by substantial increases recorded in January, June, July and August, which more than offset declines in some months.
June recorded the largest year-on-year increase during the period, as the government allotted N1.22tn in Federal Government of Nigeria bonds, compared with N100bn in June 2025.
January also recorded a significant increase, with bond allotments rising to N1.54tn from N601.04bn, representing a 157 per cent increase.
In July, the government allotted N931.82bn, up from N185.93bn a year earlier, representing a 401 per cent increase. August recorded another major jump, with allotments rising to N805.16bn from N136.16bn, an increase of 491 per cent.
September recorded N748.64bn in bond allotments, representing a 29.8 per cent increase compared with the N576.62bn allotted in the corresponding month of 2025.
The increases came despite weaker performances in February and April, when allotments declined by 42.4 per cent and 30.4 per cent, respectively, compared with the same months of the previous year.
Overall, however, the increases recorded in other months pushed cumulative bond allotments to more than twice the level recorded in the corresponding period of 2025.
The increase in government bond allotments occurred amid strong investor demand for Federal Government securities.
According to the DMO data, total subscriptions for FGN bonds between January and September 2026 reached N13.72tn, significantly higher than the N7.15tn eventually allotted by the government.
February recorded the highest subscription during the period at N2.70tn, followed by January with N2.25tn.
July attracted N1.70tn in subscriptions, while March recorded N1.50tn.
Demand remained relatively strong during the middle and latter parts of the year, with investors subscribing to N1.41tn in June, N1.35tn in August and N1.36tn in September.
The difference between total subscriptions and allotments indicates that investors submitted bids substantially above the amount the government ultimately accepted at the respective auctions.
The strong demand also reflects continued participation in the sovereign debt market despite the increase in the supply of government securities.
The surge in bond issuance comes as conventional FGN bonds continue to account for the largest share of the Federal Government’s domestic debt portfolio.
As of June 30, 2026, Nigeria’s total public debt stood at N166.79tn, with domestic debt accounting for N91.59tn, representing 54.91 per cent of the total debt stock.
FGN bonds accounted for N64.84tn of the domestic debt, representing 74.53 per cent of the Federal Government’s domestic debt portfolio.
Other domestic debt instruments included FGN Sukuk, savings bonds, green bonds and promissory notes.
FGN Sukuk stood at N1.19tn, while savings bonds amounted to N122.45bn. Green bonds accounted for N47.36bn, while promissory notes stood at N1.22tn.
The debt composition underscores the dominant role of conventional FGN bonds in the government’s domestic financing programme.
The sharp increase in bond allotments during the first nine months of 2026 therefore highlights the growing role of the domestic capital market in meeting the Federal Government’s financing needs, even as investor demand for government securities remains strong.
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