The Debt Management Office (DMO) has opened subscription for two Federal Government of Nigeria (FGN) bonds worth a combined ₦1 trillion, with investors required to commit a minimum of ₦50 million.
The offer, which opened on Monday, September 14, 2026, is priced at ₦1,000 per unit, with subscriptions available in multiples of ₦1,000 thereafter. Settlement is scheduled for September 16.
The first offer is a new 10-year FGN bond valued at ₦400 billion and due in September 2036.
The second is a ₦600 billion reopening of a previously issued 15-year FGN bond maturing in 2038, with a coupon rate of 15.45 per cent per annum.
“The FGN bonds are offered at N1,000 per unit subject to a minimum subscription of N50 million and in multiples of N1,000 thereafter,” the DMO said in a statement.
The debt office explained that for reopened bonds whose coupon rates have already been established, successful bidders would pay a price corresponding to the yield-to-maturity bid that clears the volume being auctioned, in addition to any accrued interest.
Interest on the bonds is payable semi-annually, while the principal will be repaid in full at maturity.
The DMO said the securities are backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.
The bonds also qualify as eligible investments for trustees under the Trustee Investment Act and as government securities under the Company Income Tax Act and Personal Income Tax Act for applicable tax exemptions.
The securities are listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange and qualify as liquid assets for banks’ liquidity ratio calculations.
FGN bonds are fixed-income debt instruments issued by the DMO on behalf of the Federal Government. They allow investors to lend to the government in exchange for periodic interest payments, with the proceeds used to finance government expenditure, including infrastructure and other public projects.
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