The Debt Management Office plans to raise N800 billion through its February 2026 Federal Government bond auction, marking a significant increase from the same period last year, though below January’s record N900 billion offering.

The agency’s bond offer circular, published on its website Monday, details N400 billion of 17.95 per cent FGN JUN 2032 (seven-year reopening), N300 billion of 19.89 per cent FGN MAY 2033 (10-year reopening), and N100 billion of 19.00 per cent FGN FEB 2034 (10-year reopening), totaling N800 billion.

The bond auction is set for February 23, 2026, with settlement on February 25.

By comparison, in February 2025, the DMO offered N350 billion, including N200 billion of 19.30 per cent FGN APR 2029 (five-year reopening) and N150 billion of 18.50 per cent FGN FEB 2031 (seven-year reopening).

The planned N800 billion issuance for February 2026 marks a year-on-year increase of N450 billion, or 128.6 per cent meaning the Federal Government is aiming to raise more than double the amount offered a year earlier.

The maturity profile reflects a notable shift. Unlike February 2025, which included a five-year instrument, the February 2026 issuance focuses solely on seven- and 10-year tenors, signaling an effort to extend the average maturity of domestic debt and ease near-term refinancing pressures.

The seven-year bond is priced with a 17.95 per cent coupon, slightly below February 2025’s 18.50 per cent for a similar tenor.

The 10-year bonds carry coupons of 19.00 per cent and 19.89 per cent, reflecting the current high-interest-rate environment.

Compared with January’s N900 billion auction, the February offer is N100 billion lower, an 11.1 per cent month-on-month decline.

In January 2026, the DMO offered N300 billion of 18.50 per cent FGN FEB 2031 (seven-year reopening), N400 billion of 19.00% FGN FEB 2034 (10-year reopening), and N200 billion of 22.60 per cent FGN JAN 2035 (10-year reopening).

The seven-year coupon has fallen from 18.50 per cent in January to 17.95 per cent in February.

Meanwhile, the January 10-year FGN JAN 2035 bond carried a notably higher 22.60 per cent coupon, compared with 19.89 per cent and 19.00 per cent for February 2026’s 10-year issues.