BY SAM OTUONYE
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 showed that the auction featured the re-opening of two bonds: the 17.945% FGN AUG 2030 (five-year bond) and the 17.95% FGN JUN 2032 (seven-year bond).
The DMO had earlier announced the opening of subscriptions for a new round of Federal Government bond auctions totalling N460 billion.
A breakdown showed that the 17.945% FGN AUG 2030 (five-year) bond had an offer size of N230 billion, subscriptions of N159.21 billion, and an allotment of N101.99 billion from 38 successful bids out of 60, with a bid range of 15.00%–18.51% and a marginal rate of 17.20%. The remaining tenor is four years, eight months.
The 17.95% FGN JUN 2032 (seven-year) bond had an offer of N230 billion, subscriptions of N731.40 billion, more than three times the offer, and an allotment of N494.48 billion plus N4 billion non-competitive bids. The bid range was 15.00%–18.52%, with a marginal rate of 17.30% and a remaining tenor of six years, six months.
Both bonds were allotted at their marginal rates, while their original coupon rates remain unchanged.
The N596.465 billion raised at the December auction capped a year of sustained domestic borrowing through the FGN bond market coordinated by the DMO.
According to DMO data, total bond allotments between January and December 2025 reached approximately N5.12 trillion.
January recorded N669.94 billion raised against an offer of N450 billion, while February saw N910.39 billion allotted from N350 billion offered. Although demand softened in March and April, it rebounded sharply from September through December.
September alone recorded N576.62 billion in allotments from a N200 billion offer, while November and December closed the year strongly with N657 billion and N596.465 billion raised respectively, both from offer sizes of N460 billion.