Nigeria's government auctions N1tn via bond repurchase and new issuance on September 14
The Federal Government seeks N1 trillion in funding by reopening the 15.45% June 2038 bond for N600 billion and issuing a new 10-year note for N400 billion.
On Monday, September 14, Nigeria's Debt Management Office launched an auction targeting institutional investors to raise N1 trillion. Director-General Patience Oniha announced the schedule details in Lagos. The campaign splits the total required capital between two specific instruments. The primary component involves reopening the existing 15.45 percent FGN June 2038 bond, which aims to secure N600 billion. The secondary component consists of a brand new bond with a maturity date of September 2036, valued at N400 billion. This allocation means that sixty percent of the total N1 trillion funding goal relies on restarting the long-dated June 2038 paper. Since launching in June 2023, this specific bond has become a central fixture for government borrowing, frequently reopening to meet budget deficit and infrastructure financing needs. The strategy prioritizes building liquidity within established benchmark instruments over creating new maturities every time, which helps reduce administrative overhead.
