Investors demonstrated their unflinching faith in Nigeria’s economy yesterday by oversubscribing to the Federal Government’s bonds issuance by the Debt Management Office (DMO), details of February bonds allocation results by DMO revealed.

On Monday, the debt agency reopened two bonds – 19.30 per cent FGN APR 2029 and 18.50 per cent FGN FEB 2031. They were allotted N305.362bn and N605.027bn at 19.2 per cent and 19.33 per cent respectively.

According to the bond auction result on Tuesday, a total sum of N1.63 trillion was raised while N910.39 billion was allotted, leaving an excess over subscription of N719.61 billion.

According to DMO, “The two re-opened Bonds – 19.30 per cent FGN APR 2029 and 18.50 per cent FGN FEB 2031 were allotted N305.362bn and N605.027bn at 19.2 per cent and 19.33 per cent respectively.”

As part of the plan to stimulate the economy, the Federal Government via the Debt Management Office (DMO) on Monday offered for subscription N350 billion through bonds offer. The amount is less than a total of N450 billion offered in the previous month during the January 2025 FGN bond auction.

The auction, which took place on February 24, 2025, consists of the reopening of two previously issued bonds. Details of the offers are, 19.30 per cent FGN April 2029 bond, with a total offer size of N200 billion, and the 18.50 per cent FGN February 2031 bond, with a total offer size of N150 billion. The settlement date for successful bids is set for February 26, 2025.

The bonds were offered in units of N1,000, with a minimum subscription requirement of N50,001,000 and subsequent investments required to be in multiples of N1,000.

The coupon rates remain fixed at 19.30 per cent for the 5-year bond maturing in April 2029 and 18.50 per cent for the 7-year bond maturing in February 2031.