The Federal Government has raised a total of N596.465 billion from its December 15, 2025, bond auction.
Okay News reports that data published on the Debt Management Office (DMO) website show that the auction featured the re-opening of two bonds. These are the 17.945% FGN AUG 2030 (5-year bond) and the 17.95% FGN JUN 2032 (7-year bond).
Nairametrics recalls that DMO earlier announced the opening of subscriptions for a new round of Federal Government bond auctions totalling N460 billion.
Auction Breakdown
The 17.945% FGN AUG 2030 (5-Year) bond had an offer of N230 billion with subscriptions of N159.21 billion. The allotment stood at N101.99 billion with 38 successful bids out of 60, while the bid range was between 15.00% and 18.51%. The marginal rate was 17.20% with a remaining tenor of 4 years, 8 months.
For the 17.95% FGN JUN 2032 (7-Year) bond, the offer was N230 billion with subscriptions of N731.40 billion (over 3 times the offer). The allotment was N494.48 billion, plus N4 billion non-competitive, while the bid range was between 15.00% and 18.52%. The marginal rate stood at 17.30% with a remaining tenor of 6 years, 6 months.
Both bonds were allotted at their marginal rates (17.20% and 17.30%), but their original coupon rates remain unchanged at 17.945% and 17.95%.
Year-Long Borrowing Performance
The N596.465 billion raised at the December 2025 auction caps a year of sustained domestic borrowing through the FGN bond market, coordinated by the DMO. According to DMO data, between January and December 2025, total bond allotments reached approximately N5.12 trillion.
A month-by-month look at the data shows that oversubscription was not an isolated December phenomenon. In January, the Federal Government raised N669.94 billion against an offer of N450 billion. February stood out with N910.39 billion allotted from N350 billion offered, reflecting intense demand early in the year.
While demand softened in March and April, it rebounded sharply from September through December, with September alone recording N576.62 billion in allotments from a N200 billion offer. November and December closed the year with strong momentum, raising N657 billion and N596.465 billion respectively, both from offer sizes of N460 billion.
The strong investor appetite for the 7-year bond, which attracted over three times its offer amount, demonstrates continued confidence in longer-dated government securities despite prevailing economic conditions.
