The Debt Management Office has announced that the Federal Government of Nigeria will offer N80 billion in bonds for subscription via auction on July 28, 2025, with settlement scheduled for July 30, 2025.

According to a circular posted on the DMO’s website, the offer includes two re-openings of existing FGN bonds:

N20 billion of the 19.30% FGN APR 2029 bond (five-year tenor), and

N60 billion of the 17.95% FGN June 2032 bond (seven-year tenor).

Each bond is priced at N1,000, with a minimum subscription of N5,000 and further investments in multiples of N1,000, up to N50 million. The yield will be determined by the highest accepted bid at auction, while interest payments will be made semi-annually. Principal will be repaid in full at maturity.

The July offer is lower than June’s N100 billion auction. In June, the five-year 19.30% APR 2029 bond drew 30 bids worth N41.69 billion, but only two bids were successful, with just N1.05 billion allotted. The newly issued seven-year 17.95% June 2032 bond attracted 209 bids totaling N561.17 billion, of which 41 bids were successful, and N98.95 billion was allotted.

The DMO emphasized that the bond issuance complies with relevant laws, including the DMO Act, 2003, and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004. Interested investors are advised to contact any of the authorised Primary Dealer Market Makers for subscription.