diff --git a/Cargo.lock b/Cargo.lock
index eb644202ae382..68c144b3f177e 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -2705,9 +2705,9 @@ checksum = "dec7af912d60cdbd3677c1af9352ebae6fb8394d165568a2234df0fa00f87793"
 
 [[package]]
 name = "git2"
-version = "0.14.4"
+version = "0.16.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d0155506aab710a86160ddb504a480d2964d7ab5b9e62419be69e0032bc5931c"
+checksum = "be36bc9e0546df253c0cc41fd0af34f5e92845ad8509462ec76672fac6997f5b"
 dependencies = [
  "bitflags",
  "libc",
@@ -3570,9 +3570,9 @@ checksum = "201de327520df007757c1f0adce6e827fe8562fbc28bfd9c15571c66ca1f5f79"
 
 [[package]]
 name = "libgit2-sys"
-version = "0.13.4+1.4.2"
+version = "0.14.1+1.5.0"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "d0fa6563431ede25f5cc7f6d803c6afbc1c5d3ad3d4925d12c882bf2b526f5d1"
+checksum = "4a07fb2692bc3593bda59de45a502bb3071659f2c515e28c71e728306b038e17"
 dependencies = [
  "cc",
  "libc",
diff --git a/utils/frame/generate-bags/Cargo.toml b/utils/frame/generate-bags/Cargo.toml
index 6006cdb5da0e5..a24af6a2704ae 100644
--- a/utils/frame/generate-bags/Cargo.toml
+++ b/utils/frame/generate-bags/Cargo.toml
@@ -17,5 +17,5 @@ pallet-staking = { version = "4.0.0-dev", path = "../../../frame/staking" }
 
 # third party
 chrono = { version = "0.4.19" }
-git2 = { version = "0.14.2", default-features = false }
+git2 = { version = "0.16.0", default-features = false }
 num-format = "0.4.3"