FG offers N2 trillion in bonds as DMO opens November 2026 auction

The Federal Government has offered N2 trillion in bonds for subscription as the Debt Management Office (DMO) opens its November 2026 Federal Government of Nigeria (FGN) bond auction.

The offer comprises four previously issued bonds with maturities ranging from March 2028 to May 2033.

The auction is scheduled for November 16, 2026, while settlement will take place on November 18, according to the DMO offer circular.

The latest issuance provides investors with an opportunity to subscribe to government securities through the primary market, with interest payments made twice a year and principal repayment due at maturity.

DMO offers four FGN bond instruments

The N2 trillion offer is spread across four re-openings, with the largest allocation going to the August 2030 bond at N750 billion.

The instruments and their respective offer amounts are:

• N700 billion: 21.00% FGN March 2028 bond.
• N250 billion: 19.30% FGN April 2029 bond.
• N750 billion: 17.945% FGN August 2030 bond.
• N300 billion: 19.89% FGN May 2033 bond.

Because the securities are re-openings of previously issued bonds, their original coupon rates will remain unchanged. Successful bidders will pay prices corresponding to the yield-to-maturity bids that clear the auction volume, alongside any accrued interest.

The bonds have a minimum subscription of N50.001 million, with additional investments accepted in multiples of N1,000. Each unit is priced at N1,000.

Bond payments and investor protections

The DMO said interest on the bonds will be paid semi-annually, while the principal will be repaid in a single payment on the respective maturity dates.

• The securities also carry several regulatory and investment benefits:
• They qualify as investments for trustees under the Trustee Investment Act.
• They qualify as government securities under the Company Income Tax Act and Personal Income Tax Act, including provisions relating to tax exemptions for pension funds and other investors.
• They will be listed on the Nigerian Exchange Limited and 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 of Nigeria and charged upon the country’s general assets.

Investors can submit applications through the DMO’s appointed Primary Dealer Market Makers (PDMMs), which include commercial and merchant 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 determine the final allotment of the bonds at its discretion.

October auction attracted N1.75 trillion bids

The November offer follows the DMO’s October 2026 bond auction, where the Federal Government offered N1.75 trillion across three instruments: the February 2034, September 2036 and June 2038 FGN bonds.

• The auction attracted total subscriptions of approximately N1.75 trillion, comprising N304.08 billion for the February 2034 bond, N925.35 billion for the September 2036 bond and N518.32 billion for the June 2038 bond.
• The DMO allotted N78.36 billion, N781.31 billion and N350.72 billion to the market across the three instruments, respectively. The auction results showed marginal rates of 16.99%, 17.29% and 17.19%.
• The original coupon rates of the October bonds, at 19.00%, 16.79% and 15.45%, were maintained following the re-openings.

Nigeria’s government securities auction allotments declined by 55.86% to N9.501 trillion in October 2026 from N21.527 trillion in September, as demand ratios weakened and monetary authorities left substantial investor bids unallotted, according to the Financial Markets Dealers Association’s (FMDA) October 2026 market report.