The Federal Government has opened subscription for N2 trillion in FGN bonds under the Debt Management Office's November 2026 auction. According to the DMO offer circular, bidding will take place on November 16, 2026, while settlement is scheduled for November 18, 2026.
The offer is made up of four re-openings of previously issued instruments, with tenors running from March 2028 to May 2033. The August 2030 bond carries the largest allocation at N750 billion. The full breakdown is:
- N700 billion in the 21.00% FGN March 2028 bond - N250 billion in the 19.30% FGN April 2029 bond - N750 billion in the 17.945% FGN August 2030 bond - N300 billion in the 19.89% FGN May 2033 bond
Because these are re-openings, the original coupon rates remain unchanged. Successful bidders will pay prices that correspond to the yield-to-maturity bids clearing the auction, together with any accrued interest. Each unit is priced at N1,000, the minimum subscription is N50.001 million, and additional investments are accepted in multiples of N1,000.
Interest on the securities will be paid semi-annually, and the principal will be repaid in a single bullet at maturity. The DMO also outlined several investment and regulatory benefits. The bonds qualify as trustee investments under the Trustee Investment Act and as government securities under the Company Income Tax Act and the Personal Income Tax Act, including tax-exemption provisions for pension funds and other investors. They will be listed on the Nigerian Exchange Limited and FMDQ OTC Securities Exchange, and they count as liquid assets for banks when computing liquidity ratios.
The instruments are backed by the full faith and credit of the Federal Government and are charged upon the general assets of Nigeria. Applications can be submitted through the DMO's Primary Dealer Market Makers, including Access Bank, First Bank, Stanbic IBTC, Citibank, United Bank for Africa, Guaranty Trust Bank and Zenith Bank. The DMO reserved the right to determine the final allotment at its discretion.
The November offer follows the October 2026 auction, where the Federal Government offered N1.75 trillion across the February 2034, September 2036 and June 2038 bonds. Total subscriptions came to about N1.75 trillion, comprising N304.08 billion, N925.35 billion and N518.32 billion respectively, while allotments were N78.36 billion, N781.31 billion and N350.72 billion. Marginal rates closed at 16.99%, 17.29% and 17.19%, and the original coupons of 19.00%, 16.79% and 15.45% were maintained.
