The Debt Management Office (DMO) has announced a fresh N600 billion Federal Government of Nigeria bond auction scheduled for May 2026.
According to the offer circular released 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 issuance is part of the Federal Government’s strategy to finance fiscal obligations, strengthen the domestic capital market and attract institutional investors amid continued demand for fixed-income securities.
The offer consists of two reopened FGN bond instruments valued at N300 billion each.
The first instrument is the N300 billion 22.60 percent FGN January 2035 10-year re-opening bond, while the second is the N300 billion 16.2499 percent FGN April 2037 20-year re-opening bond.
The DMO stated that each bond unit is priced at N1,000, with a minimum subscription of N50,001,000. Additional investments can be made in multiples of N1,000.
The agency explained that both instruments are re-openings of previously issued bonds, meaning the coupon rates have already been fixed.
Interest payments on the bonds will be made semi-annually, while repayment of the principal will follow a bullet repayment structure at maturity.
The DMO also noted that successful bidders will pay according to the yield-to-maturity rate determined at the auction, in addition to accrued interest.
According to the agency, the bonds are fully backed by the faith and credit of the Federal Government of Nigeria.
A comparison with April 2026 shows that the government reduced the size of its bond offer by N100 billion in May.
In April, the DMO offered N700 billion across three instruments, including the 10-year 2035 bond valued at N300 billion, the 7-year 2032 bond worth N100 billion and the 5-year 2030 bond valued at N300 billion.
The latest auction reflects the government’s continued reliance on the domestic debt market to support budgetary financing and liquidity management.
