The Debt Management Office (DMO) has announced a fresh N600 billion Federal Government of Nigeria (FGN) bond auction for May 2026.

According to the offer circular issued by the DMO on Tuesday, the auction will take place on May 18, 2026, while successful subscriptions will be settled on May 20, 2026.

The bond offer forms part of the government’s broader strategy to finance fiscal obligations, deepen the domestic capital market, and attract institutional investors amid sustained demand for fixed-income securities.

The offer consists of two re-opened FGN bond instruments valued at N300 billion each.

N300 billion 22.60% FGN January 2035 10-year re-opening bond, N300 billion 16.2499% FGN April 2037 20-year re-opening bond. Bond units are priced at N1,000 each. Minimum subscription is N50,001,000, and additional investments are allowed in multiples of N1,000

The DMO explained that because both instruments are re-openings of previously issued bonds, coupon rates have already been fixed.

While interest payments will be made semi-annually, principal repayment will be through a bullet repayment structure at maturity

Also, successful bidders will pay based on the yield-to-maturity that clears the auction, in addition to accrued interest.

The agency also noted that the bonds are backed by the full faith and credit of the Federal Government of Nigeria.

A month-on-month comparison shows that the government reduced its bond offer size by N100 billion in May relative to April 2026.

In April, DMO offered N700 billion across three instruments: the 10-year 2035 bond offered at N300 billion, the 7-year 2032 bond offered at N100 billion, and the 5-year 2030 bond offered at N300 billion. (Channels)

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