The Federal Government has raised a total of N596.465 billion from its December 15, 2025, bond auction.
Data published on the Debt Management Office (DMO) website show that the auction featured the re-opening of two bonds.
These are: the 17.945% FGN AUG 2030 (5-year bond) and the 17.95% FGN JUN 2032 (7-year bond).
NairametricsĀ recalls thatĀ DMO earlier announced the opening of subscriptions for a new round of Federal Government bond auctions totalling N460 billion.
Auction BreakdownĀ
17.945% FGN AUG 2030 (5-Year)Ā
- Offer: N230bn
- Subscriptions: N159.21bn
- Allotment: N101.99bn (38 successful bids out of 60)
- Bid range: 15.00% ā 18.51%
- Marginal rate: 17.20%
- Remaining tenor: 4 years, 8 months
17.95% FGN JUN 2032 (7-Year)Ā
- Offer: N230bn
- Subscriptions: N731.40bn (over 3Ć the offer)
- Allotment: N494.48bn, plus N4bn nonācompetitive
- Bid range: 15.00% ā 18.52%
- Marginal rate: 17.30%
- Remaining tenor: 6 years, 6 months
Both bonds were allotted at their marginal rates (17.20% and 17.30%), but their original coupon ratesĀ remainĀ unchanged at 17.945% and 17.95%.
What you should knowĀ
The N596.465 billion raised at the December 2025 auction caps a year of sustained domestic borrowing through the FGN bond market, coordinated by the DMO.
According to DMO data, between January and December 2025, total bond allotments reachedĀ approximately N5.12 trillion.
A month-by-month look at the data shows that oversubscription was not an isolated December phenomenon.
- In January, the FG raised N669.94 billion against an offer of N450 billion.
- February stood out with N910.39 billion allotted from N350 billion offered, reflecting intense demand early in the year.
- While demand softened in March and April, it rebounded sharply from September through December, with September alone recording N576.62 billion in allotments from a N200 billion offer.
- November and December closed the year with strong momentum, raising N657 billion and N596.465 billion respectively, both from offer sizes of N460 billion.
