The [Federal Government](https://www.nigeria.gov.ng) via the [Debt Management Office (DMO)](https://dmo.gov.ng) has disclosed a N7.15 trillion bond programme slated for subscription in September 2026.
**What are the tranches on offer?**
The programme is divided into three parts: a N500 billion tranche for a February 2034 bond (10‑year reopening) with a 19 percent coupon; an N800 billion tranche for a September 2036 bond (10‑year reopening) carrying a 16.79 percent coupon; and a N450 billion tranche for a June 2038 bond (15‑year reopening) yielding 15.45 percent.
**When will the auction and settlement occur?**
The DMO has scheduled the auction for 19 October 2026, with settlement expected on 21 October 2026.
**How are the bonds priced and purchased?**
Each unit is priced at N1,000, with a minimum subscription of N50,001,000 and subsequent purchases in N1,000 increments. For re‑openings of previously issued bonds, successful bidders will pay a price that reflects the yield‑to‑maturity bid clearing the offered volume, plus any accrued interest.
**What are the payment terms?**
Interest on the bonds is payable semi‑annually, while the principal is repaid in a bullet payment at maturity.
The DMO’s announcement underscores the government's effort to deepen the domestic debt market and provide investors with varied maturity options.