DMO Announces N600bn Bond Auction for May 2026

The Debt Management Office (DMO), acting on behalf of the Federal Government of Nigeria (FGN), announced a fresh N600 billion bond auction scheduled for May 18, 2026, with settlement set for May 20, 2026. This issuance is part of the government's broader strategy to finance fiscal obligations, refinance maturing debt, and deepen the domestic capital market while sustaining investor participation amid persistent demand for fixed-income securities.

The auction will comprise two re-opened FGN bond instruments valued at N300 billion each: a 10-year re-opened bond at 22.60% maturing in January 2035 and a 20-year re-opened bond at 16.2499% maturing in April 2037. This N600 billion offer represents a N100 billion reduction compared to the N700 billion offered in April 2026 across three instruments.

Analysts interpret this scaled-down offer as a measure to manage borrowing costs and improve liquidity conditions driven by rising crude oil prices while reducing exposure to foreign exchange risks associated with external borrowing.