DMO to auction N800bn bonds at N1,000 per unit.
The Debt Management Office (DMO) of Nigeria has announced plans to auction Federal Government bonds valued at N800 billion, with each unit offered at N1,000 per unit in its February 2026 debt market exercise. The offering forms part of the Federal Government’s effort to raise funds from the domestic capital market and is scheduled for February 23, 2026, with successful subscribers expected to settle their bids by February 25, 2026.
According to the bond offer circular released by the DMO, the total N800 billion issuance comprises three re-opened Federal Government of Nigeria (FGN) bonds. The first tranche consists of N400 billion of the 17.95 percent FGN June 2032 bond, a seven-year instrument while the second tranche is N300 billion of the 19.89 percent FGN May 2033 bond with a ten-year maturity. The final N100 billion component is a 19.00 percent FGN February 2034 bond, also with a ten-year tenor. Each of these bonds will be sold at N1,000 per unit subject to a minimum subscription of N50,001,000 and in multiples of N1,000 thereafter.
Interest on the bonds will be paid semi-annually, and the principal will be repaid in full at maturity under a bullet repayment structure. The bonds are backed by the full faith and credit of the Federal Government of Nigeria and qualify as government securities that can be listed on the Nigerian Exchange Limited and the FMDQ OTC Securities Exchange, making them accessible to institutional participants and compliant with statutory investment requirements for pension funds and trustees.
The planned N800 billion auction represents a significant increase compared with previous bond offerings, more than doubling last year’s N350 billion issue for February 2025 and reflecting the government’s reliance on long-term domestic borrowing to finance budget deficits and manage public finances amid ongoing economic pressures.
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