Economy

FG to Borrow N750bn Through March 2026 Bonds

Published

7 months ago

March 26, 2026

The Federal Government plans to raise N750bn through March 2026 bonds, offering three mid-tenor instruments with high coupon rates

The Federal Government of Nigeria (FG), via the Debt Management Office, has opened subscriptions for N750bn worth of bonds for March 2026.

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The offer comprises three re-opened instruments:

N250bn for the 17.945% FGN August 2030 bond
N200bn for the 17.95% FGN June 2032 bond
N300bn for the 19.89% FGN May 2033 bond

The auction is set for March 30, 2026, with settlement on April 1. Investors will bid based on yield-to-maturity, while coupon rates remain unchanged due to the re-opening structure.

The March offer is N50bn lower than February’s N800bn issuance, reflecting a more measured borrowing approach amid improved liquidity from higher oil prices and efforts to contain rising debt service costs.

The March issuance focuses on mid-tenor bonds, unlike February which included a longer-tenor 2034 bond.

Despite the reduction in borrowing, high interest rates persist, with coupon rates ranging from 17.945% to 19.89%.

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The sustained high-rate environment highlights tight financial conditions, even as the Central Bank of Nigeria gradually eases monetary policy. Interest payments continue to account for a substantial portion of government revenue.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

1 day ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.