Nigerian Government Raises N1.5 Trillion in Bond Offers

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The Federal Government successfully raised N1.5 trillion through bond offers during its February auction, falling short of its initial target of N2.5 trillion. The Debt Management Office (DMO) revealed in a press release that the auction saw a total allotment of N873.53 billion for the 2031 bond and N621.38 billion for the 2034 bond.

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Last week, the government sought to borrow N2.5 trillion through bonds, marking its second foray into the fixed-income market this year. The offerings comprised N1.25 trillion with a maturity date of February 2031 and another N1.25 trillion with a 10-year tenor.

Both bonds, newly created, were offered at a unit price of N1,000, with a minimum subscription requirement of N50,001,000 and subsequent increments in multiples of N1,000. Interest payments on the Federal Government of Nigeria (FGN) bonds are made semi-annually.

The DMO reported that the auction received total bids of N1.9 trillion, the highest it has ever received in any single FGN Securities Auction. Despite the substantial amount offered, the government allotted N1.495 trillion, with N873.53 billion allotted for the 2031 bond and N621.38 billion for the 2034 bond.

The DMO attributed the large offering to the government’s financing needs, the opportunity to attract foreign investors, and the expectation that some local investors could access pools of funds. In January, the DMO offered four reopened 10-year bonds totaling N360 billion, raising approximately N418.197 billion from the auctioned bonds.

Bisi Adele
Bisi Adelehttps://naija247news.com/
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