By Samuel Akpan
The Debt Management Office (DMO) has disclosed plans to raise as much as N1.2 trillion by reopening three FGN bonds in an auction set for July 20, with settlement two days later.
The announcement came via an Offer Circular issued by the DMO on Tuesday, July 14, 2026.
The debt office is offering N400 billion in each of the three bond instruments for the N1.2 trillion total.
The instruments comprise the 22.60% FGN JAN 2035 Bond (10-Year Re-opening), the 15.45% FGN JUN 2038 Bond (15-Year Re-opening), and the 16.2499% FGN APR 2037 Bond (20-Year Re-opening).
“The DMO is offering N400 billion across each of the three bond instruments, bringing the total target amount to N1.2 trillion,” the circular noted.
The issuance falls under the Debt Management Office (Establishment) Act, 2003, and the Local Loans (Registered Stock and Securities) Act. Bonds will be issued at N1,000 per unit, with a minimum subscription of N50.001 million and additional amounts in multiples of N1,000.
Successful bidders will pay the yield-to-maturity clearing price plus any accrued interest.
“Interest payments will be made semi-annually throughout the life of the bonds, while the principal will be repaid in full on the maturity date,” it explained.
The bonds enjoy the full faith and credit of the Federal Government.
“The bonds are backed by the full faith and credit of the Federal Government of Nigeria and constitute a charge on the general assets of the federation,” the DMO stated.
They also boast regulatory and tax advantages, qualifying as trustee investments under the Trustee Investment Act, recognised for tax-exempt purposes under the Company Income Tax Act and Personal Income Tax Act, and eligible for pension funds and institutional investors.
The securities are listed on the Nigerian Exchange Limited and FMDQ Securities Exchange and count as liquid assets for banks’ liquidity ratio calculations.
Interested investors should channel applications through approved Primary Dealer Market Makers, including Access Bank, Citibank Nigeria, First Bank of Nigeria, Stanbic IBTC Bank, Zenith Bank, United Bank for Africa, and Guaranty Trust Bank, among others.
The DMO retains discretion over final allotments.
This planned issuance is part of the Federal Government’s domestic borrowing strategy to finance budgetary expenditures and manage public debt obligations.
It comes after a similar June 2026 exercise in which the DMO reopened two FGN bonds to raise N1.2 trillion, with N600 billion each for 10-year and 20-year tenors and settlement on June 24, 2026.