The Federal Government will auction ₦200 billion worth of bonds in August 2025.
The Debt Management Office (DMO) announced the offer in a circular posted on its website on Thursday. The auction will take place on 25 August 2025, with settlement scheduled for Wednesday, 27 August 2025.
The DMO stated that the bond issue complies with the Debt Management Office (Establishment) Act, 2003, and the Local Loans (Registered Stock and Securities) Act, CAP. L17, Laws of the Federation of Nigeria 2004.
The offer consists of two bonds: ₦100 billion FGN JUL 2030, a five-year tenor re-opening, and ₦100 billion 17.95% FGN JUNE 2032, a seven-year tenor re-opening. Each unit is priced at ₦1,000, with a minimum subscription of ₦5,000. Investors may increase their stake in multiples of ₦1,000, up to ₦50 million.
The DMO explained that interest rates will be determined by the yield-to-maturity bid that clears the total volume on offer. As re-opened bonds, they carry existing terms, with semi-annual interest payments and full principal repayment at maturity.
The DMO also confirmed that it successfully concluded the July 2025 FGN bond auction, allotting ₦185.9 billion across two reopened offerings.
Investors subscribed ₦39.075 billion for the 5-Year FGN APR 2029 bond and ₦261.597 billion for the 7-Year FGN JUN 2032 bond. The DMO allotted ₦13.430 billion and ₦172.502 billion respectively, totalling ₦185.932 billion—well above the initial offer size.
While the bonds retained their coupon rates of 19.30% and 17.95%, they were allotted at marginal rates of 15.69% and 15.90%. This decline in yields suggests that investors expect either easing inflationary pressures or a stable monetary policy outlook in the medium term.
The July re-openings drew 149 bids in total—40 for the 2029 bond and 109 for the 2032 bond. Of these, 74 bids succeeded, comprising 15 for the 2029 maturity and 59 for the 2032 maturity.