FG Lowers April Bond Issuance to ₦700 bn, Offers Up to 22.60% Yields
The Federal Government will tap the domestic bond market for ₦700 bn on April 27, with settlement set for April 29. It plans to reopen three existing bonds maturing in August 2030, June 2032 and January 2035. Institutional investors can subscribe in ₦1,000 units, with a minimum of ₦50.001 m. The instruments count as liquid assets for banks and enjoy tax exemptions, supporting steady demand even as borrowing costs rise. This offer marks a reduction from ₦900 bn in January, ₦800 bn in February and ₦750 bn in March. High coupon rates—around 17.95% for five- and seven-year bonds and 22.60% for the ten-year—reflect tight monetary policy and inflation risks. Rising debt service costs add urgency. In 2025, Nigeria’s total debt servicing hit about ₦16 tn, up 22.9% from the previous year, underscoring growing fiscal pressures.
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