The Federal Government of Nigeria (FGN) has raised over N3.4 trillion in eight months through the Nigerian Exchange (NGX).
The NGX’s latest official listing report for the eight-month period ended August 31, shows that the listings comprised new and supplementary listings.
According to the NGX, through new and supplementary listings, the federal government raised a total sum of N3.4 trillion.
The report also showed that corporates raised a combined sum of N84.5 billion as of August 2025.
A new listing refers to a completely new bond issue being admitted to the Exchange for the first time, while under supplementary listing, the issuer raises more funds under an existing bond programme with the same ISIN, coupon, and maturity date.
Further details of the report indicate that the Federal Government raised approximately N759.7 billion through the listing of 14 new Federal Government Bonds (FGNs) on the Nigerian Exchange (NGX) between February and August 2025,
The 14 new bond listings admitted to the NGX in the period under review amounted to a combined market capitalization of N759,706,224,000, based on the “Quantity Admitted” multiplied by the N1,000-unit price per bond.
The largest single admission came from the 22.60 per cent FGN JAN 2035 bond, with N368.31 billion in units listed. Other significant listings included the 17.173 per cent FGS MAY 2028 (N3.47 billion) and the 18.799 per cent FGS FEB 2028 (N3.06 billion).
February 2025 saw the largest listing activity, accounting for over N369 billion in new bond admissions driven mainly by the FGN JAN 2035 issue, which alone represented nearly half (48%) of the total value raised in the period.
The new issues carry coupon rates ranging from 15.762 per cent to 22.60 per cent, reflecting elevated domestic borrowing costs in the face of persistent inflationary pressures and tight liquidity in Nigeria’s fixed-income market.
The highest yield, 22.60 per cent, was recorded on the FGN JAN 2035 issue, while the lowest coupon of 15.762 per cent was attached to the FGS JUL 2028 and FGS JUL 2027 bonds.
This wide yield spread illustrates the current premium investors’ demand for longer-dated maturities and inflation-protected returns.
The listings span a range of maturities, from two-year savings bonds to ten-year longer-term instruments, primarily targeting retail and institutional investors alike.
Short- and medium-term offerings (2027–2028 maturities) dominated the listings, signaling sustained investor appetite for mid-tenor instruments, even as yields on longer-term securities remain high.
The federal government raised about N2.6 trillion through a series of supplementary bond listings on the Nigerian Exchange (NGX) between January and August 2025.
Data from NGX reveal led that the listings cover multiple tranches of Federal Government of Nigeria (FGN) Bonds with coupon rates ranging between 18.50 per cent and 19.89 per cent, and maturities stretching from 2029 to 2033.
The listings, totaling 12 separate issuances, were admitted on the Exchange between January and August 2025, with aggregate value exceeding N2.59 trillion. The bonds were issued to raise funds for budget financing and to refinance maturing obligations as part of the government’s broader debt management strategy.
A breakdown of the data shows that the highest single tranche came on March 10, 2025, when the government listed N605.03 billion worth of bonds under the 18.50% FGN FEB 2031 series. Another major tranche of N449.77 billion was listed on May 15, 2025, under the 19.89% FGN MAY 2033 bond.
Other significant listings include N327.69 billion of the 19.89% FGN MAY 2033 bond on April 25, and N305.36 billion under the 19.30% FGN APR 2029 series listed in March.
Attractive yields, rising coupon rates
The bonds offer coupon rates ranging from 18.50% to 19.89%, representing some of the highest yields in recent years. Market analysts note that the elevated rates mirror efforts by the Debt Management Office (DMO) to balance the cost of borrowing with investor demand, amid inflationary pressures and tight monetary policy.
The bonds carry varying maturities, stretching from April 2029 to May 2033, with unit prices fixed at N1,000. This mix of medium- and long-term maturities is aimed at spreading refinancing obligations over time, thereby easing pressure on government cash flows in subsequent fiscal years.
While Federal Government debt dominated the listings, corporate issuances added a significant N84.5 billion from three commercial papers:
