FG offers N1 trillion bonds in September auction at N50 million minimum subscription

The Federal Government of Nigeria is seeking to raise N1 trillion in its September 2026 bond auction, with the Debt Management Office (DMO) setting a minimum entry threshold of N50.001 million for participating investors.

This is contained in the latest DMO’s circular.

The offer comprises N400 billion of a new 10-year FGN bond due September 2036 and N600 billion of the 15.45% FGN June 2038 bond, which is being re-opened.

The auction is scheduled for September 14, 2026, while settlement will take place on September 16.

What the DMO circular shows

The bonds are sold at N1,000 per unit, subject to a minimum subscription of N50,001,000 and additional subscriptions in multiples of N1,000.

For the re-opened June 2038 bond, the coupon remains fixed at 15.45%. Successful bidders will pay a price corresponding to the yield-to-maturity bid that clears the volume offered, plus any accrued interest.

Interest on the bonds is payable semi-annually, while the principal will be repaid in full at maturity.

The securities are backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.

Get up to speed

The September auction follows strong demand at the DMO’s August bond auction, where investors submitted bids worth N1.73 trillion against an offer of N1.1 trillion.

• The DMO subsequently allotted N1.56 trillion across the three instruments offered at the August 17 auction.
• The August offer comprised N250 billion of the 22.60% FGN January 2035 bond, N100 billion of the 16.2499% FGN April 2037 bond and N750 billion of the 15.45% FGN June 2038 bond.

Also, Nairametrics reported that DMO raised N5.86 billion through the FGNSB in August 2026, down from the N6.19 billion raised in July, indicating softer investor demand during the month.

The strong subscription resulted in allocations…