The Federal Government of Nigeria (FGN), has opened a fresh window for investors with an ₦80 billion bond offering scheduled for auction on July 28, 2025, as announced by the Debt Management Office (DMO), The settlement date for successful bids is July 30, 2025.
In line with the Debt Management Office (Establishment) Act, 2003, and the Local Loans (Registered Stock and Securities) Act, CAP. L17, the offer comprises two re-openings of previously issued FGN bonds:
₦20 billion for the 19.30% FGN April 2029 bond (5-year tenor)
₦60 billion for the 17.95% FGN June 2032 bond (7-year tenor)
Each bond is priced at ₦1,000, with a minimum subscription of ₦5,000 and subsequent increments in multiples of ₦1,000—up to a maximum investment of ₦50 million, making it accessible for both retail and institutional investors.
The final interest (coupon) rate will be determined by the yield-to-maturity bids that clear the offered amount at auction. Interest will be paid semi-annually, while the full principal will be repaid at maturity.
This month’s offer is slightly lower than June’s ₦100 billion auction, though market demand remains strong.
In June:
The 19.30% FGN 2029 bond attracted ₦41.69 billion across 30 bids, though only two bids were successful, with an allotment of ₦1.05 billion.
The 17.95% FGN 2032 bond was oversubscribed, drawing 209 bids worth ₦561.17 billion. A total of ₦98.95 billion was allotted across 41 accepted bids.
The significant interest in June’s auction indicates robust investor appetite for government debt instruments amid prevailing market conditions.
