FG secures N596.5 billion in December bond auction

The Federal Government has raised a total of N596.465 billion from its December 15, 2025, bond auction. Data published on the Debt Management Office (DMO) website show that the auction featured the re-opening of two bonds. These are: the 17.945% FGN AUG 2030 (5-year bond) and the 17.95% FGN JUN 2032 (7-year bond). Nairametrics recalls that DMO […]

The Federal Government has raised a total of N596.465 billion from its December 15, 2025, bond auction.

Data published on the Debt Management Office (DMO) website show that the auction featured the re-opening of two bonds.

These are: the 17.945% FGN AUG 2030 (5-year bond) and the 17.95% FGN JUN 2032 (7-year bond).

Nairametrics recalls that DMO earlier announced the opening of subscriptions for a new round of Federal Government bond auctions totalling N460 billion.

Auction Breakdown

17.945% FGN AUG 2030 (5-Year)

Offer: N230bn
Subscriptions: N159.21bn
Allotment: N101.99bn (38 successful bids out of 60)
Bid range: 15.00% – 18.51%
Marginal rate: 17.20%
Remaining tenor: 4 years, 8 months

17.95% FGN JUN 2032 (7-Year)

Offer: N230bn
Subscriptions: N731.40bn (over 3× the offer)
Allotment: N494.48bn, plus N4bn non‑competitive
Bid range: 15.00% – 18.52%
Marginal rate: 17.30%
Remaining tenor: 6 years, 6 months

Both bonds were allotted at their marginal rates (17.20% and 17.30%), but their original coupon rates remain unchanged at 17.945% and 17.95%.

What you should know

The N596.465 billion raised at the December 2025 auction caps a year of sustained domestic borrowing through the FGN bond market, coordinated by the DMO.

According to DMO data, between January and December 2025, total bond allotments reached approximately N5.12 trillion.

A month-by-month look at the data shows that oversubscription was not an isolated December phenomenon.

In January, the FG raised N669.94 billion against an offer of N450 billion.

February stood out with N910.39 billion allotted from N350 billion offered, reflecting intense demand early in the year.

While demand softened in March and April, it rebounded sharply from September through December, with September alone recording N576.62 billion in allotments from a N200 billion offer.
November and December closed the year with strong momentum, raising N657 billion and N596.465 billion respectively, both from offer sizes of N460 billion.