Abuja, October 29, 2025 — The Debt Management Office (DMO) has reported a 307.6 percent oversubscription in its Federal Government of Nigeria (FGN) bond auction for October, indicating strong investor demand despite reduced allotments.
According to the DMO’s auction results released on Tuesday, total subscriptions reached N1.06 trillion against an offer of N260 billion, while total allotments fell by 45.5 percent to N313.77 billion in October from N576.62 billion recorded in September.
The DMO offered two instruments during the auction—the 17.945% FGN AUG 2030 (5-year reopening) and the 17.95% FGN JUN 2032 (7-year reopening)—with each carrying an offer size of N130 billion.
The 5-year bond attracted N212.66 billion in subscriptions across 19 successful bids, while the 7-year paper drew N845.63 billion from 75 successful bids. Most of the allotment went to the 7-year bond, which received N225.97 billion, a 47.6 percent drop from the N488.83 billion allotted in September. The 5-year bond maintained its previous month’s allotment at N87.8 billion.
Yields on both instruments moderated during the period. The 5-year paper cleared at 15.83 percent, down from 16 percent in September, while the 7-year bond settled at 15.85 percent, compared to 16.2 percent the previous month.
Investors’ bid ranges also narrowed. For the 5-year bond, bids were placed between 15 percent and 16.5 percent, compared to 15 percent and 17.95 percent in September. Similarly, the 7-year bond saw a tighter bid range of 14.5 percent to 17.4 percent, down from 14.95 percent to 19.2 percent the previous month.
Analysts say the strong investor participation underscores sustained confidence in government securities amid tight liquidity and ongoing macroeconomic challenges.
