FG eyes up to N1.2 trillion from FGN bond market in Q2 2025 

This is according to the FGN Bond Issuance Calendar for Q2 2025 published by the Debt Management Office (DMO).

The revised issuance volume comes as the government continues to navigate a delicate fiscal environment marked by elevated inflation, weak oil receipts, and a record N13.08 trillion budget deficit, representing 3.87% of Gross Domestic Product (GDP).

According to the DMO’s calendar, three bond auctions will be held on April 28, May 26, and June 23, 2025, with two bonds offered per month. The calendar outlines a monthly offer range of N300 billion to N400 billion, comprising a mix of re-opened bonds and new issuances.

In total, the DMO expects to raise between N900 billion and N1.2 trillion in Q2, a step down from the Q1 calendar, which targeted the maximum raise of N1.8 trillion across three auctions in January, February, and March 2025.

During Q1 2025, the DMO offered three bonds per month, including two re-openings—the 19.30% FGN APR 2029 and the 18.50% FGN FEB 2031—as well as a new 10-year issuance, the FGN JAN 2035. Each bond was offered in the range of N150 billion to N200 billion, translating to N450 billion to N600 billion monthly, and a potential N1.8 trillion for the quarter if fully subscribed.

In contrast, the Q2 2025 calendar features two bonds per month, each with the same N150–N200 billion range. While the APR 2029 and MAY 2033 bonds will be re-opened in April and May, the DMO will introduce two new instruments in June—the FGN JAN 2030 (5-year tenor) and FGN JAN 2032 (7-year tenor). This signals a more conservative funding approach amid changing market dynamics.

In April, the DMO will re-open the 19.30% FGN APR 2029, which will have a remaining tenor of four years, and the 19.89% FGN MAY 2033, with six years and one month to maturity. The same instruments will be re-opened again in May, with slightly shorter terms to maturity—three years and 11 months for the APR 2029, and six years for the MAY 2033.