The Federal Government of Nigeria plans to raise ₦900 billion in its upcoming January 2026 bond auction through the reopening of three federal government securities, the Debt Management Office (DMO) has announced.
According to a circular issued by the DMO, the auction is scheduled for January 26, 2026, with settlement set for January 28, 2026.
The offering spans medium- and long-term bonds, targeting a broad range of investors across multiple maturities.
The January auction comprises three reopened instruments: ₦300 billion from the 18.50 percent FGN February 2031 bond; ₦400 billion from the 19.00 percent FGN February 2034 bond; and ₦200 billion from the 22.60 percent FGN January 2035 bond.
Each bond is offered at ₦1,000 per unit, with a minimum subscription of ₦50,001,000 and subsequent increments in multiples of ₦1,000.
Coupon rates for the reopened bonds are fixed, with interest paid semi-annually and principal repaid in full at maturity under a bullet repayment structure. Successful bidders will pay a price reflecting the yield-to-maturity that clears the auction, plus any accrued interest.
The DMO highlighted that total bond allotments in 2025 reached approximately ₦5.12 trillion, indicating strong market participation and demand for government securities.
The reopening of existing bonds allows the government to finance budget deficits efficiently while offering investors predictable long-term yields and reducing administrative costs compared to issuing new instruments.
The bonds qualify as investments under the Trustee Investment Act, are recognised as government securities under the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA), and will be listed on both the Nigerian Exchange Limited (NGX) and the FMDQ OTC Securities Exchange.
Applications for the January auction must be submitted through any of the authorised Primary Dealer Market Makers (PDMMs).
The DMO noted that the auction is part of the government’s broader domestic borrowing strategy aimed at financing budgetary obligations, strengthening market liquidity, and supporting the growth of Nigeria’s domestic debt market.