The Federal Government of Nigeria (FG), through the Debt Management Office (DMO), is set to raise ₦700 billion via a Federal Government of Nigeria (FGN) bond auction scheduled for April 27, 2026, as part of efforts to finance budgetary obligations and manage public debt.
Details contained in an offer circular issued to Primary Dealer Market Makers (PDMMs) show that the issuance will be executed through three bond re-openings across varying maturities. The breakdown includes ₦300 billion for the 17.945% FGN AUG 2030 (5-year re-opening), ₦100 billion for the 17.95% FGN JUN 2032 (7-year re-opening), and ₦300 billion for the 22.60% FGN JAN 2035 (10-year re-opening).
“The auction is part of the Federal Government’s domestic borrowing programme aimed at funding fiscal requirements,” the circular stated.
The auction will be conducted using a competitive bidding process, with settlement slated for April 29, 2026. Successful bidders are expected to pay a price that reflects the yield-to-maturity that clears the market, alongside any accrued interest.
The offering comes at a time of elevated yields in the fixed-income market, supported by sustained liquidity tightening measures by the Central Bank of Nigeria (CBN).
With a minimum subscription set at ₦50.001 million and multiples of ₦1,000 thereafter, the bonds are priced at ₦1,000 per unit. Interest payments will be made semi-annually, while the principal will be redeemed in full at maturity.
FGN bonds have continued to attract strong investor interest, particularly among institutions seeking stable and relatively risk-free returns, with the 2035 bond offering the highest coupon at 22.60%.
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