The Federal Government aims to raise N1.8 trillion through the bond market in the first quarter of 2025, according to the Debt Management Office (DMO). The FGN Bond Issuance Calendar outlines plans for three monthly auctions in January, February, and March, as part of efforts to address a projected N13.08 trillion budget deficit for 2025, equivalent to 3.87% of GDP.
The bond programme includes the re-opening of existing instruments and the introduction of a new 10-year bond. Key offerings are:
- 19.30% FGN APR 2029 bond: Remaining tenor of 4 years, with a target range of N150–N200 billion per auction.
- 18.50% FGN FEB 2031 bond: Remaining tenor of 6 years, similarly targeted at N150–N200 billion per auction.
- New FGN JAN 2035 bond: A 10-year bond aimed at long-term investors, also within the N150–N200 billion range.
The auctions, scheduled for January 27, February 24, and March 24, could collectively generate up to N1.8 trillion if the upper limits are met.
This structured issuance aligns with the government’s transparency and predictability goals in funding critical infrastructure and bridging fiscal gaps. In 2024, the government raised N5.84 trillion from the bond market, slightly below the N5.85 trillion borrowed in 2023, while total subscriptions reached N7.09 trillion.