The Federal Government borrowed a total of N1.94tn from bond investors in the first quarter of 2025, an analysis of bond auction results released by the Debt Management Office showed.
However, the amount was raised through Federal Government of Nigeria bonds over the three months and does not include borrowings through the FGN savings bond programme.
The figure represents the total amount allotted to investors who participated in the monthly FGN bond auctions for January, February and March 2025.
The PUNCH observed that the government had initially offered N1.10tn in bonds over the quarter but ended up allotting N1.94tn, following strong investor interest that pushed total subscriptions to N2.83tn.
The January auction saw the government offer N450bn across three instruments: the 5-year 19.30 per cent FGN APR 2029, the 7-year 18.50 per cent FGN FEB 2031, and a newly introduced 10-year 22.60 per cent FGN JAN 2035 bond.
Investors responded with bids totalling N669.94bn, and the government allotted N601.04bn.
