Nigeria's Government Secures N748.64bn in Bond Auction

The Federal Government raised N748.64bn from its September 2026 domestic bond auction, demonstrating strong demand from investors for both a newly issued 10-year bond and a reopened 15-year bond. The Debt Management Office (DMO) allotted N288.83bn from the N400bn offered on the 10-year FGN bond at a marginal rate of 16.79 percent, with bids totaling N546.90bn, reflecting a demand 36.7 percent above the amount offered.

For the 15-year FGN bond, offered as a N600bn reopening, investors submitted N947.83bn in bids, and the DMO allotted N460.01bn at a marginal rate of 16.85 percent, significantly lower than the 17.79 percent rate from the previous auction. Overall, investors sought N1.49tn across both securities, exceeding the N1tn offered by the DMO.

The auction results indicate strong demand for Nigerian government securities, with the DMO being selective in the volume of debt issued. The decline in the marginal rate on the 15-year bond suggests a gradual easing in investors' required returns on longer-term government debt.