The Federal Government of Nigeria (FGN) has raised a total of ₦3.96 billion from the October 2025 edition of its Savings Bond programme, marking a rise from the ₦3.05 billion recorded in September.
According to the Debt Management Office (DMO), which published the official allotment results on its website, the increased participation reflects renewed confidence among retail investors in government-backed securities amid ongoing financial market volatility.
Breakdown of the October 2025 Allotment
The October issuance featured two tranches of FGN Savings Bonds:
- A two-year bond maturing October 15, 2027, and
- A three-year bond maturing October 15, 2028.
The two-year bond was allotted at an interest rate of 15.541% per annum, raising ₦631.76 million from 793 successful subscriptions.
A second two-year tranche, also due October 2027, attracted ₦779.05 million from 1,052 investors, at a coupon rate of 14.062% per annum.
The bonds were issued at ₦1,000 per unit, with a minimum subscription of ₦5,000, and increments in multiples of ₦1,000 thereafter up to a maximum of ₦50 million per investor.
Three-Year Bond Records Stronger Demand
The three-year bond generated the highest interest, with total subscriptions amounting to ₦3.19 billion from 1,435 investors, at an annual coupon rate of 15.062%.
Similarly, another three-year issuance, due September 2028, saw allotments worth ₦2.42 billion at an interest rate of 16.541% per annum, from 1,246 successful subscriptions.
The offer period for both bond series ran from October 6 to 10, 2025, with settlement completed on October 15, 2025. Investors are scheduled to receive quarterly coupon payments on January 15, April 15, July 15, and October 15 until maturity.
Background: Expanding Financial Inclusion Through Retail Bonds
Launched in 2017, the FGN Savings Bond Programme was designed to deepen Nigeria’s domestic debt market, encourage financial inclusion, and provide small investors with access to secure, low-risk government securities.
The initiative allows individuals to participate in national development by investing directly in sovereign bonds, while earning competitive interest rates compared to traditional savings products.
Analysts say the strong performance of the October allotment signals increased investor appetite for risk-free instruments, especially in an environment of high inflation and tightening monetary policy.
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