Debt Office Targets N1trn from Sept. FGN Bonds Auction
The Debt Management Office (DMO) is scheduled to conduct its monthly Federal Government of Nigeria (FGN) Bond auction on September 14, 2026, with a reopening instrument and a new issue.
The authority will offer N1 trillion worth of local bonds at the Sept auction, according to its circular. The offer includes 15.45% FGN JUN 2038 and FGN SEP 2036, with a new 10-Year bond offer size of N600 billion and N400 billion.
Given excess subscription in the financial system, analysts expect the offer to be oversubscribed, though Broadstreet has no consensus on the spot rate for local debt papers.
Nigeria’s Debt Office has been working to reduce government debt service costs, a target reflected in its local bond pricing. At the previous auction, the authority sold 15-year reopening bonds worth N631.02 billion at the rate of 17.79%, a sharp decline from the 18.04% clearing rate in July.
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