The Federal Government has raised ₦748.64 billion through its latest Federal Government of Nigeria (FGN) bond auction, with investors placing significantly more bids than the government offered. The September 2026 auction featured two long-term securities: a new 10-year FGN bond and a reopening of a 15-year FGN bond. According to the Debt Management Office (DMO), investors submitted a combined ₦1.49 trillion in bids for the two securities, compared with the ₦1 trillion offered at the auction. For the 10-year bond, the government offered ₦400 billion but received bids worth ₦546.90 billion. The DMO eventually allotted ₦288.83 billion at a marginal rate of 16.79 per cent. The strong demand meant investors sought substantially more than the amount initially offered. The government also reopened a 15-year FGN bond with an offer size of ₦600 billion. Investors submitted bids worth ₦947.83 billion, showing strong interest in the longer-term security. The DMO allotted ₦460.01 billion at a marginal rate of 16.85 per cent. This was lower than the 17.79 per cent rate recorded at the previous auction for the instrument. Overall, investors requested about ₦1.49 trillion, while the DMO allotted ₦748.64 billion. The difference means that a significant portion of the bids was not accepted. The auction also provides an indication of continued demand for Nigerian government securities. The lower marginal rate on the 15-year bond compared with the previous auction indicates that investors accepted a lower return for that particular security this time, although borrowing costs remain substantial. The Federal Government continues to use the domestic bond market as an important source of financing. The DMO says its mandate includes meeting government financing needs while managing the risks associated with public debt. The latest auction will therefore remain important to investors and financial-market watchers as they monitor borrowing costs, government debt and developments in Nigeria’s fixed-income market.
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