The Federal Government is offering ₦2 trillion in bonds for subscription as the Debt Management Office (DMO) opens its November 2026 Federal Government of Nigeria (FGN) bond auction.
The offer covers four previously issued bonds, with maturities between March 2028 and May 2033. According to the DMO’s offer circular, the auction will take place on November 16, 2026, and settlement is scheduled for November 18.
Investors can subscribe through the primary market. Interest is paid twice a year, and the principal is repaid at maturity.
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Four bonds on offer
The ₦2 trillion is spread across four re-openings. The largest amount, ₦750 billion, is for the August 2030 bond.
Because the bonds are re-openings of earlier issues, their original coupon rates stay the same. Successful bidders will pay prices that match the yield-to-maturity bids that clear the auction volume, plus any accrued interest.
The minimum subscription is ₦50.001 million, with additional amounts in multiples of ₦1,000. Each unit is priced at ₦1,000.
Payments and features
The DMO said interest is paid semi-annually and principal in a single payment on each maturity date. It lists several features of the bonds:
- They qualify as investments for trustees under the Trustee Investment Act.
- They qualify as government securities under the Company Income Tax Act and the Personal Income Tax Act, including provisions on tax exemptions for pension funds and other investors.
- They will be listed on the Nigerian Exchange Limited and the FMDQ OTC Securities Exchange.
- They qualify as liquid assets for banks when calculating liquidity ratios.
The bonds are backed by the full faith and credit of the Federal Government and charged on its general assets.
How to apply
Investors can submit applications through the DMO’s appointed Primary Dealer Market Makers, which include banks such as Access Bank, First Bank, Stanbic IBTC, Citibank, United Bank for Africa, Guaranty Trust Bank and Zenith Bank. The DMO also reserved the right to decide the final allotment at its discretion.
What happened in October
The November offer follows the October 2026 auction, in which the government offered ₦1.75 trillion across three bonds: the February 2034, September 2036 and June 2038 issues.
Total subscriptions were about ₦1.75 trillion, made up of ₦304.08 billion for the February 2034 bond, ₦925.35 billion for the September 2036 bond and ₦518.32 billion for the June 2038 bond. The DMO allotted ₦78.36 billion, ₦781.31 billion and ₦350.72 billion respectively, or about ₦1.21 trillion in total.
Marginal rates were 16.99%, 17.29% and 17.19%. The original coupons of 19.00%, 16.79% and 15.45% were kept.
Separately, the Financial Markets Dealers Association’s October 2026 market report showed that allotments of government securities fell 55.86% to ₦9.501 trillion in October from ₦21.527 trillion in September. The report linked the fall to weaker demand ratios, with monetary authorities leaving substantial investor bids unallotted.
This article is for information only and is not investment advice. Bond prices and yields can change, and investors should read the DMO offer circular and speak to a licensed adviser.
