Nigeria to Raise N700 Billion in Bond Sale This April

The Federal Government of Nigeria, through the Debt Management Office (DMO), plans to raise N700 billion in the domestic debt market in April 2026. This move is part of the government's strategy to maintain an aggressive borrowing stance as yield rates for long-term instruments remain elevated.

The bond auction is scheduled for April 27, with settlement set for April 29. The issuance will consist of a mix of reopened bonds across three maturities, including N300 billion of the 17.945% FGN August 2030 bond, N100 billion of the 17.95% FGN June 2032 bond, and N300 billion of the 22.60% FGN January 2035 bond.

This structure indicates a continued preference for longer-dated securities, allowing the government to lock in funds and extend its refinancing horizon. The DMO has slightly reduced its borrowing target from N750 billion in March to N700 billion in April, reflecting a modest recalibration of its borrowing strategy.

The auction will target institutional investors, with a minimum subscription of N1,000 and a total offer size of N700 billion.