The Federal Government of Nigeria (FGN), through the Debt Management Office (DMO), has announced a new Federal Government bond auction scheduled for January 26, 2026, offering a total of ₦900 billion across three re-opened bond tenors.
According to the offer circular issued by the DMO, the bonds are being offered on behalf of the Federal Government under the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act.
The auction will feature three re-opened FGN bonds: ₦300 billion of the 18.50% FGN February 2031 bond with a seven-year tenor; ₦400 billion of the 19.00% FGN February 2034 bond with a ten-year tenor; and ₦200 billion of the 22.60% FGN January 2035 bond, also with a ten-year tenor.
The auction date is set for January 26, 2026, while settlement is expected to take place on January 28, 2026.
The bonds are offered at a unit price of ₦1,000, subject to a minimum subscription of ₦50.001 million and in multiples of ₦1,000 thereafter. Interest payments are made semi-annually, while principal repayment will be made in a bullet payment at maturity.
For the re-opened bonds, successful bidders will pay a price corresponding to the yield-to-maturity that clears the auction, in addition to any accrued interest.
The DMO noted that the bonds qualify as approved securities for trustees under the Trustee Investment Act and are eligible as government securities under the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA), making them tax-exempt for pension funds and other qualified investors. The bonds are also listed on the Nigerian Exchange Limited and the FMDQ OTC Securities Exchange and qualify as liquid assets for banks.
The securities are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of the country.
Interested investors have been advised to contact authorised Primary Dealer Market Makers (PDMMs), including major commercial and merchant banks, for participation in the auction. The DMO also stated that it reserves the right to allot the bonds at its discretion.
