The Debt Management Office has released a new offer circular announcing that it is opening subscriptions for two Federal Government of Nigeria bonds through an auction. According to the notice, the auction will take place on November 24, 2025, while the settlement date is set for November 26, 2025. The circular states that the DMO is acting on behalf of the Federal Government of Nigeria and is doing so under the provisions of the Debt Management Office Act 2003 and the Local Loans Act.
The announcement confirms that applications are now authorized for ₦230,000,000,000.00 at 17.945 percent for the FGN August 2030 bond and another ₦230,000,000,000.00 at 17.95 percent for the FGN June 2032 bond as part of the five-year and seven-year re-openings. The DMO noted that it reserves the right to allot the bonds at its discretion, making it clear that the process will follow standard financial market regulations.
The issuer of the offer is the Federal Government of Nigeria, and the bonds will be sold at ₦1,000 per unit. The announcement explains that investors must subscribe to a minimum of ₦50,001,000 and continue in multiples of ₦1,000.
The circular adds that for these re-openings of previously issued bonds, successful bidders will pay a price tied to the yield-to-maturity that clears the auction volume along with any accrued interest. Interest will be paid semi-annually, and the redemption will follow a bullet repayment on the maturity date.
The DMO emphasized that the bonds qualify under the Trustee Investment Act and are recognized as government securities under both the Company Income Tax Act and the Personal Income Tax Act, which allows tax exemption for pension funds and other investors.
The bonds are listed on the Nigerian Exchange Limited and the FMDQ OTC Securities Exchange, and they qualify as liquid assets for banks when calculating liquidity ratios.
The circular stresses that the bonds are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the nation’s general assets. Interested investors are directed to contact any Primary Dealer Market Maker, including Access Bank, Citibank Nigeria, Ecobank, FBNQuest Merchant Bank, Guaranty Trust Bank, Stanbic IBTC Bank, United Bank for Africa, Zenith Bank and others for participation.
