New offer targets deeper domestic borrowing and market liquidity ahead of November 24 auction
The Debt Management Office (DMO) has unveiled a fresh bond offer totalling ₦460 billion, inviting subscriptions through a new auction that features the reopening of two existing Federal Government of Nigeria (FGN) bonds.
Details of the offer, released in the DMO’s circular on Tuesday, show that the government is seeking bids for ₦230 billion of the 17.945% FGN AUG 2030 (5-Year Re-opening) and another ₦230 billion of the 17.95% FGN JUNE 2032 (7-Year Re-opening).
According to the agency, settlement for successful investors will take place on November 26, 2025, while the auction itself is scheduled for November 24. The exercise highlights the federal government’s ongoing strategy to deepen domestic borrowing, improve liquidity in the bond market, and support budgetary financing through long-term, low-risk debt instruments.
The circular notes that each bond will be sold at ₦1,000 per unit, with a minimum subscription level of ₦50,001,000 and additional bids to be made in multiples of ₦1,000.
Since the offer involves reopened instruments rather than freshly issued bonds, investors will not be bidding for new coupon rates. Instead, DMO said pricing will be determined by market-driven yield-to-maturity bids that clear the auction volume, along with accrued interest.
Interest on both bonds will continue to be paid semi-annually, providing predictable income streams, an advantage for pension funds, insurance companies, fund managers, and other institutional investors looking for stable medium- to long-term returns.
The two instruments will be redeemed through bullet repayment at maturity, meaning investors will receive their full principal in a single payment at the end of the tenor.
The DMO added that, as with all FGN Bonds, the instruments come with robust protections and statutory backing under Nigerian law.
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