Nigeria’s Debt Management Office (DMO) successfully raised ₦1.144 trillion at its first Nigerian Treasury Bills (NTB) auction of 2026 on January 7, amid strong investor demand and higher stop rates across all tenors.
The breakdown showed:
₦108.17 billion for the 91-day bill
₦48.23 billion for the 182-day bill
₦987.78 billion for the 364-day bill
The one-year paper dominated, with the DMO allotting ₦987.78 billion against an offered ₦800 billion, while total subscriptions hit approximately ₦1.38 trillion.
The stop rate for the 364-day tenor climbed sharply to 18.47%, reflecting the largest increase and underscoring investors’ preference for longer-dated instruments to hedge against inflation and reinvestment risks.
Analysts described the resilient bidding as evidence of abundant system liquidity and investors locking in elevated yields in a high-interest-rate environment, with government securities continuing to serve as a safe haven.
In related developments, the United Nations’ World Economic Situation and Prospects 2026 report, released on January 8, forecasts global economic growth at 2.7% this year slightly below the 2.8% estimated for 2025 and well under the pre-pandemic average of 3.2%.
Regional projections include:
United States: 2.0% (up from 1.9% in 2025)
European Union: 1.3% (down from 1.5%)
East Asia: 4.4% (down from 4.9%)
South Asia: 5.6% (led by India at 6.6%)
Africa: 4.0% (marginal rise from 3.9%)
Latin America and Caribbean: 2.3%
Global trade, which grew a robust 3.8% in 2025 despite tariffs and uncertainty, is expected to slow to 2.2% in 2026.
The auction results come as concerns linger over Nigeria’s rising public debt, with the Central Bank recently warning that planned ₦12 trillion in borrowings for 2026 could crowd out private sector credit.
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