The Federal Government plans to raise between N900bn and N1.2tn from the domestic bond market in the second quarter of 2025, a sharp drop from the N1.8tn targeted in the first quarter of the year.
This is according to the FGN Bond Issuance Calendar for Q2 2025, newly released by the Debt Management Office.
The reduced target comes as the government faces a tough fiscal environment characterised by weak oil receipts, elevated inflation, and a record N13.08tn budget deficit, representing 3.87 per cent of the country’s Gross Domestic Product.
According to the calendar, three auctions will be held on April 28, May 26, and June 23, with two bonds to be offered per month. The DMO plans to raise between N300bn and N400bn at each auction, combining reopened bonds and new issuances.
In contrast, the Q1 2025 calendar featured three bonds per auction, targeting between N450bn and N600bn monthly and up to N1.8tn for the quarter.
Bonds offered included the 19.30 per cent FGN APR 2029, the 18.50 per cent FGN FEB 2031, and a debut 10-year FGN JAN 2035 bond. Each was offered within a range of N150bn to N200bn. For Q2, the government has narrowed its auction line-up to two bonds per month.
In April and May, the DMO will reopen the 19.30 per cent FGN APR 2029 and 19.89 per cent FGN MAY 2033 bonds. In June, it will introduce two new issues—the FGN JAN 2030 and FGN JAN 2032—with original tenors of five and seven years, respectively.
