FG to Borrow N750bn via Bonds in March 2026 Auction

The Federal Government of Nigeria is set to borrow N750 billion via bonds, as detailed in a circular published by the Debt Management Office (DMO) on its website. The auction is scheduled for March 30, 2026, with settlement fixed for April 1, 2026.

The bond offer comprises three re-opened instruments: N250 billion of the 17.945% FGN August 2030 bond, N200 billion of the 17.95% FGN June 2032 bond, and N300 billion of the 19.89% FGN May 2033 bond. This borrowing strategy comes amid persistent fiscal pressures and a rising domestic borrowing requirement, indicating the government's continued reliance on the local debt market to finance its budget deficit and refinance maturing obligations.

The current bond offer is lower than the previous month's N800 billion offer, suggesting a more measured borrowing approach. The coupon rates for the bonds remain consistent with previous levels, although the final borrowing cost will be determined by the stop rate at the auction.