DMO Offers N800bn FGN Bonds For Subscription

…Raises N5.9bn from February’s Savings Issuance

The Debt Management Office has released a circular offering three Federal Government of Nigeria (FGN) bonds totalling N800 billion, as it intensifies efforts to raise funds in the domestic debt market.

In a circular posted on its social media, the DMO said it would auction the bonds on February 23, 2026, with plans to raise N800 billion through the reissuance of two 10-year and a 7-year bonds.

Earlier on Tuesday, it said it had raised N5.913 billion on behalf of the Federal Government from retail investors through its February 2026 Savings Bond offer.

Allotment results showed stronger demand for the three-year tenor, as investors tilted towards instruments offering higher yields.

The February window, which opened on February 2 and closed on February 6, comprised a two-year and a three-year Federal Government of Nigeria Savings Bond, both issued at double-digit coupon rates. Settlement was concluded on February 11.

The data breakdown indicates that the 14.356 per cent FGN Savings Bond due in February 2028 recorded total allotments of N1.514 billion from 2,631 successful subscriptions. In contrast, the 15.356 per cent FGN Savings Bond due February 2029 attracted N4.398 billion from 2,195 subscriptions.

Combined, the two instruments generated N5.913 billion for the Federal Government. Coupon payments on both bonds will be made quarterly on May 11, August 11, November 11 and February 11 throughout the life of the instruments, providing investors with predictable income flows.

According to the circular, it plans to raise N400billion through the seven year 17.95 per cent FGN June 2032 paper.

It also plans to raise N300 billion from a 10-year bond with a yield of 19.89 per cent, expected to mature in May 2034, and another N100 billion through a 10-year reissuance with a bond yield of 19 per cent, due in February 2034.

The auction settlement date is Wednesday, February 25,2026. According to the circular, the bonds are being offered at N1,000 per unit, with a minimum subscription of N50,001,000 and multiples of N1,000 thereafter.

Providing details on the pricing of the reopened instruments, the DMO explained that for re-openings of previously issued bonds where the coupon has already been set, successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, plus any accrued interest on the instrument.

It added that interest on the bonds is payable semi-annually, while redemption will be through bullet repayment on the maturity date.