• Government to issue ₦80 billion in bonds through two tranches
• Highest yield: 19.30% on four-year notes due April 2029
• Bonds tradable, tax-exempt for some investors, and government-backed

Nigeria’s federal government will raise ₦80 billion (about $52 million) by issuing bonds on July 28, the Debt Management Office (DMO) announced on July 23. Settlement is scheduled for July 30.

The offering includes two tranches. The first is a ₦20 billion bond maturing in April 2029, carrying a 19.30% fixed annual interest rate. The second, worth ₦60 billion, matures in June 2032 and yields 17.95% per year.

Each bond will be issued in ₦1,000 denominations, with a minimum subscription of ₦50,001,000.

The DMO emphasized that the bonds are fully backed by the federal government and considered risk-free. Certain investor groups, including pension funds, benefit from tax exemptions on interest earned. The bonds will also be listed on Nigeria’s major stock exchanges, providing liquidity and ease of trade.

While the DMO didn’t specify how the proceeds will be used, bond sales typically fund infrastructure projects or support budgetary needs.

This offering is smaller than the previous auction in June 2025, which raised ₦100 billion.

This article was initially published in French by SG

Edited in English by Ange Jason Quenum