The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN), has announced plans to raise N200 billion through bond subscriptions in August 2025.
According to a circular published on its website, the auction will be held on Monday, August 25, 2025, with settlement slated for **Wednesday, August 27, 2025.
The issuance comprises:
N100 billion FGN JUL 2030 (five-year tenor, re-opening)
N100 billion 17.95% FGN JUN 2032 (seven-year tenor, re-opening)
Each bond is offered at ₦1,000 per unit, with a minimum subscription of ₦5,000 and further multiples of ₦1,000, allowing individual investors to subscribe up to ₦50 million
The coupon rates will be determined by the yield-to-maturity (YTM) bid that clears the total volume, as these are re-openings of previously issued bonds. Interest payments will be made semi-annually, while the principal will be repaid in full at maturity through a **bullet repayment.
July 2025 Auction Performance
The DMO disclosed that the July 2025 bond auction recorded a total allotment of ₦185.9 billion**, surpassing its initial offer.
Breakdown of July results:
The 5-Year FGN APR 2029 bond attracted ₦39.08 billion in subscriptions, with ₦13.43 billion allotted at a **15.69% marginal rate.
The 7-Year FGN JUN 2032 bond drew ₦261.60 billion in subscriptions, with ₦172.50 billion allotted at a 15.90% marginal rate.
Both bonds retained their original coupon rates of 19.30% and 17.95% respectively, reflecting reduced yield expectations and suggesting improved investor confidence amid easing inflationary concerns and a relatively stable monetary outlook.
The auction attracted 149 bids in total—40 for the 2029 maturity and 109 for the 2032 maturity. Of these, 74 bids were successful.
Investor Guidance
The DMO noted that the issuance complies with the DMO Establishment Act, 2003, and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004.
Interested investors are advised to apply through any of the authorised Primary Dealer Market Makers (PDMMs), including:
Access Bank, First Bank, Stanbic IBTC, Citibank, FCMB, Standard Chartered, Coronation Merchant Bank, FSDH Merchant Bank, UBA, Ecobank, FBNQuest Merchant Bank, Rand Merchant Bank, GTBank, and Zenith Bank.
