The Debt Management Office (DMO) of Nigeria has announced a ₦700 billion Federal Government Bond (FGN) auction slated for Monday, 27 April 2026. The auction, part of the government’s domestic borrowing programme, will raise funds through three separate bond re‑openings covering five‑, seven‑ and ten‑year maturities.
According to the official offer circular sent to Primary Dealer Market Makers (PDMMs), the breakdown of the issue is as follows:
* ₦300 billion of the 17.945 % FGN AUG 2030 – a five‑year re‑opening.
* ₦100 billion of the 17.95 % FGN JUN 2032 – a seven‑year re‑opening.
* ₦300 billion of the 22.60 % FGN JAN 2035 – a ten‑year re‑opening.
The auction will employ a competitive bidding process, with settlement scheduled for 29 April 2026. Successful bidders will pay the price that reflects the yield‑to‑maturity clearing the auction, plus any accrued interest. The minimum subscription is ₦50.001 million, and bids must be placed in increments of ₦1,000, priced at ₦1,000 per unit.
Interest on the bonds is payable semi‑annually, while the principal will be redeemed in full at maturity. The ten‑year 2035 issue carries the highest coupon rate at 22.60 %, reflecting the longer tenor and current market conditions. Nigeria’s fixed‑income securities have historically attracted strong demand from investors seeking low‑risk, relatively high‑return instruments.
The auction comes at a time when yields in Nigeria’s domestic fixed‑income market remain elevated and the Central Bank of Nigeria (CBN) continues its liquidity‑mop‑up operations. Raising ₦700 billion will support budgetary financing needs and contribute to the management of public debt.
The outcome of the auction will provide an early indication of investor appetite for Nigerian sovereign debt under the prevailing macro‑economic environment. Results are expected to be published shortly after settlement, informing both market participants and policymakers about the effectiveness of the current borrowing strategy.
