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.