The Federal Government of Nigeria, through the Debt Management Office (DMO), has announced the offering of N260 billion worth of FGN bonds for subscription in its October auction, which opened on Monday, October 27, 2025.
In a circular, the DMO detailed that the offer is split into two tranches of N130 billion each:
N130 Billion: 17.945% FGN August 2030 (a 5-year reopening)
N130 Billion: 17.95% FGN June 2032 (a 7-year reopening)
The auction is scheduled for settlement on October 29, 2025. The bonds are offered in units of N1,000, subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter. Interest is payable semi-annually, while the principal will be repaid in full on the respective maturity dates.
The DMO emphasized the bonds’ secure and investment-grade status, noting they are “backed by the full faith and credit of the Federal Government of Nigeria.”
The bonds qualify as securities under the Trustee Investment Act and are eligible for tax exemption for pension funds and other investors under the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA).
Furthermore, the bonds are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange and qualify as liquid assets for banks in meeting their liquidity ratio requirements.
Interested investors are advised to contact the designated primary dealers and market makers, including Access Bank Plc, First Bank of Nigeria Ltd., Stanbic IBTC Bank Ltd., Citibank Nigeria Ltd., and others.
This offer follows a period of strong investor demand for government securities. An analysis of FGN bond auctions from January to August 2025 shows that while the DMO offered N2.13 trillion, it received total subscriptions of N4.94 trillion, ultimately raising N3.03 trillion.
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