By Admin
The Federal Government, through the Debt Management Office, plans to raise N800 billion via its February 2026 bond auction, more than double the N350 billion issued in February 2025.
The offer comprises N400 billion of the 17.95% FGN JUN 2032 (seven-year), N300 billion of the 19.89% FGN MAY 2033 (10-year), and N100 billion of the 19.00% FGN FEB 2034 (10-year), with the auction set for February 23, 2026, and settlement on February 25.
Compared to last year, the issuance reflects a 128.6% year-on-year increase, while the maturity profile has shifted entirely to seven- and 10-year tenors, aimed at reducing near-term refinancing pressures.
Interest rates remain high, with seven-year papers at 17.95% and 10-year instruments between 19.00% and 19.89%, reflecting elevated domestic borrowing costs.
Although lower than the N900 billion offered in January 2026, the February bonds signal the government’s ongoing reliance on debt to finance its budget and infrastructure needs.
Investors and market analysts view the auction as a key indicator of Nigeria’s debt management strategy and the cost of borrowing in the current high-interest-rate environment.
