The Federal Government of Nigeria’s bond auction for October 2025 recorded a remarkable 307.6 percent oversubscription, reflecting heightened investor interest in sovereign debt instruments.
According to the Debt Management Office (DMO), subscriptions totalled N1.06 trillion against an offer of N260 billion. However, total allotments declined by 45.5 percent to N313.77 billion in October, compared to N576.62 billion in September.
The DMO offered two instruments during the auction: the 17.945% FGN AUG 2030 (5-year reopening) and the 17.95% FGN JUN 2032 (7-year reopening), each with an offer size of N130 billion.
The 5-year bond attracted N212.66 billion in subscriptions from 19 successful bids, while the 7-year bond drew N845.63 billion from 75 successful bids. Most of the allotment went to the longer tenor, with the 7-year bond receiving N225.97 billion — a 47.6 percent drop from the N488.83 billion allotted in September. The 5-year bond maintained its allotment at N87.8 billion.
Yields moderated during the auction. The 5-year bond cleared at 15.83 percent, down from 16 percent in September, while the 7-year bond settled at 15.85 percent, compared to 16.2 percent previously.
Bid ranges also narrowed. Investors priced the 5-year bond between 15 percent and 16.5 percent, compared to a wider 15 percent to 17.95 percent range in September. The 7-year bond saw bids between 14.5 percent and 17.4 percent, down from 14.95 percent to 19.2 percent the previous month.
The strong demand underscores investor confidence in Nigeria’s debt market, even as yields soften and allotments tighten.
