FG targets N2tn from investors in November bond auction

Politics Spice Special Features Education Sex & Relationship Interview Columns Opinion Advertise with us FG targets N2tn from investors in November bond auction Money November 12, 2026 12:02 am By Odinaka Anudu Kindly share this story:

The Federal Government is returning to the domestic debt market with a N2tn bond offer, reopening four existing securities as it seeks fresh funding from investors.

The Debt Management Office disclosed this in its November 2026 Federal Government of Nigeria bond offer circular, scheduling the auction for 16 November and settlement for 18 November.

The offer comprises bonds maturing between March 2028 and May 2033, with the August 2030 instrument accounting for the largest share of the issuance.

The November offer is divided into four instruments: N700bn in the 21 per cent March 2028 bond, N250bn in the 19.30 per cent April 2029 bond, N750bn in the 17.945 per cent August 2030 bond and N300bn in the 19.89 per cent May 2033 bond.

Interest payments will be made twice yearly, with investors receiving their principal investments upon maturity.

Each bond unit is priced at N1,000. The securities will be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange and qualify as liquid assets for banks in calculating their liquidity ratios.

They are also eligible investments for trustees under the Trustee Investment Act and enjoy applicable tax treatment under relevant provisions of the Companies Income Tax Act and Personal Income Tax Act.

The bonds are backed by the full faith and credit of the Federal Government and constitute obligations charged upon the country’s general assets.

Investors can participate through the DMO’s appointed Primary Dealer Market Makers, including Access Bank, First Bank, Stanbic IBTC, Citibank, United Bank for Africa, Guaranty Trust Bank and Zenith Bank.

The latest offer follows the DMO’s October bond auction, when the Federal Government offered N1.75tn across three instruments maturing in February 2034, September 2036 and June 2038.

The auction attracted subscriptions of approximately N1.75tn, comprising N304.08bn for the February 2034 bond, N925.35bn for the September 2036 instrument and N518.32bn for the June 2038 bond.

The DMO allotted N78.36bn, N781.31bn and N350.72bn, respectively, at marginal rates of 16.99 per cent, 17.29 per cent and 17.19 per cent.

Meanwhile, government securities allotments across the primary market declined by 55.86 per cent to N9.501tn in October from N21.527tn in September, according to the Financial Markets Dealers Association’s October 2026 market report.

The decline reflected weaker demand ratios and the authorities’ decision to leave substantial portions of investors’ bids unallotted.

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