The auction, held on August 25, 2025, featured two instruments: a 5-year bond maturing on August 27, 2030, and a 7-year bond due on June 25, 2032. Both tenors saw strong investor demand.

The 5-year bond attracted subscriptions of N102.36 billion, surpassing its initial N100 billion offer, while the 7-year tenor bond recorded a subscription N16581 billion.

A total of 70 bids were received for the 5-year bond, with 38 successful bids raising N46.01 billion. For the 7–year bond, 51 out of 111 bids were accepted, resulting in N90.16 billion being allotted.

Investors demanded higher returns, quoting rates between 12.50% and 21.50% for the 5-year bond, and 15.00% to 22% for the 7-year instrument.

The settlement date is August 27, 2025, with maturities due on August 27, 2030, for the 5-year bond and June 25, 2032, for the 7-year paper.

Successful bids for the 5-year bond, FGN AUG 2030, were allotted at the marginal rate of 17.945% and the 7-year reopened bond, FGN JUN 2032, at 18%. However, the 7-year bond will maintain its original coupon rate of 17.95%.

The DMO had announced the auction as part of its regular borrowing program to finance government projects and manage public debt, targeting a total of N200 billion across both instruments. 

Patience Oniha, the director-general of the Nigeria Debt Management Office (DMO), revealed this development at the Nigeria Investor Forum held on the sidelines of the International Monetary Fund and World Bank Spring Meetings in Washington DC.

The decision to rejoin the JPMorgan Index is part of Nigeria’s efforts to restore trust with international investors, while demonstrating its commitment to economic reforms and transparency.

Oniha emphasized that Nigeria now meets the eligibility criteria for inclusion, stating, “With the recent reforms in the foreign exchange market, we believe Nigeria meets the criteria to rejoin the index.”

Oniha, along with Olayemi Cardoso, the Central Bank of Nigeria Governor, highlighted the naira’s stability and rising investor confidence.

This optimism is supported by Fitch’s recent upgrade of Nigeria’s long-term foreign-currency rating to ‘B’ from ‘B-‘, signalling renewed investor confidence.

Nigeria was initially included in the JPMorgan Index in 2012. However, it was placed on a negative watchlist before being officially removed in 2015 due to concerns over transparency and liquidity issues.

The JPMorgan GBI-EM is a key benchmark used by investors to track the performance of local currency-denominated government bonds in emerging markets.

It includes only countries that are accessible to most international investors, and inclusion in the GBI-EM is crucial for emerging markets, as it boosts foreign investment and enhances access to capital markets.

Ways and Means Advances is a loan facility used by the Central Bank to finance the government in periods of temporary budget shortfalls, subject to limits imposed by law.

The request was not included in the Senate’s order paper for the Wednesday plenary session, nor was it mentioned by the Senate leader, who also serves as the head of the special committee formed for that reason.

Meanwhile, the executive branch of government did not give the information that was expected regarding how the N22.7 trillion was spent over the course of ten years.

Recall that last week on Tuesday, the Senate’s president, Ahmad Lawan, stated that the Senate was prepared to support the proposal as long as the Governor of the Central Bank, Godwin Emefiele, and Finance Minister, Zainab Ahmed, supplied the necessary information regarding the spending.

He said that the Senate and, consequently, the House of Representatives would have adjourned session on Thursday of last week till after the Presidential and National Assembly elections if it weren’t for the restructuring of the N22.7 trillion Ways and Means request.

”We must have the necessary information for passage of the N22.7 trillion Ways and Means Restructuring request as time is not on our side in the Senate now given the coming general elections.

” If there is a need for the Senate to sit up until Friday (last week) for thorough consideration and passage of the request, it will be done, but the affected officials from the executive must also expedite action on the provision of the required information as regards documents authorizing approval and disbursement of the monies totaling N22.7 trillion,” he had said.

Recall that the Debt Management Office (DMO) explained in a statement, this afternoon, that the debt stock did not represent borrowings under the current administration but had built up from past administrations.

It explained further that the public debt stock was the total sum of debts owed by the federal and state governments, as well as, the Federal Capital Territory.