The Debt Management Office has unveiled plans to raise N800 billion through its February 2026 Federal Government bond auction, scheduled for February 23, 2026, with settlement on February 25, 2026.
According to the bond offer circular published on the agency’s website, the offer consists of N400 billion of 17.95 per cent FGN JUN 2032 (seven-year re-opening), N300 billion of 19.89 per cent FGN MAY 2033 (10-year re-opening), and N100 billion of 19.00 per cent FGN FEB 2034 (10-year re-opening), bringing the total to N800 billion.
In February 2025, the DMO offered N350bn, comprising N200bn of 19.30 per cent FGN APR 2029 (five-year re-opening) and N150bn of 18.50 per cent FGN FEB 2031 (seven-year re-opening).
The planned N800 billion issuance for February 2026 represents a year-on-year increase of N450bn, translating to a 128.6 per cent rise.
The February 2026 issuance is concentrated entirely on seven-year and 10-year tenors, with the seven-year bond carrying a coupon of 17.95 per cent, slightly lower than the 18.50 per cent on the comparable tenor in February 2025 and the 10-year instruments priced at 19.00 per cent and 19.89 per cent.
A month-on-month comparison shows that the February offer is N100bn lower than January’s N900bn, representing an 11.1 per cent decline. In January 2026, the DMO offered N300 billion of 18.50 per cent FGN FEB 2031 (seven-year re-opening), N400 billion of 19.00 per cent FGN FEB 2034 (10-year re-opening), and N200 billion of 22.60 per cent FGN JAN 2035 (10-year re-opening).
