Debt Drive: FG Lists N260 Billion FGN Bonds for October Auction, Targeting 5 and 7-Year Maturities

The Federal Government of Nigeria (FG), via the Debt Management Office (DMO), has announced the listing of N260 billion in FGN Bonds for subscription at its October 2025 auction. This is the government’s latest effort to raise domestic financing and manage its debt profile.

The offer, which opened to investors on Monday, October 27, 2025, is structured across two re-opening instruments, with a total offer size of N130 billion for each. The bonds on offer are:

1. A 17.945% FGN August 2030 Bond (a five-year re-opening).
2. A 17.95% FGN June 2032 Bond (a seven-year re-opening).

According to a circular by the DMO, the auction is scheduled to be settled on Wednesday, October 29, 2025. The bonds, which are issued at N1,000 per unit, require a minimum subscription of N50,001,000 and in multiples of $\text{N1,000}$ thereafter. Interest on the bonds will be paid semi-annually, with the principal repaid in full upon their respective maturity dates.

This debt drive comes as the DMO continues to leverage the local market’s robust investor appetite for fixed-income securities. The previous month’s auction saw a massive subscription of over N1.26 trillion, significantly surpassing the initial N200 billion offer, indicating strong market confidence in the federal debt. The DMO emphasized that the FGN bonds are backed by the full faith and credit of the Federal Government and are charged upon the general assets of the nation.

Investors keen on participating in the auction are advised to contact any of the primary dealers in government securities for submission of bids.