The Debt Management Office has unveiled plans to raise N800 billion through its February 2026 Federal Government bond auction.
This is according to the bond offer circular published on the DMO’s website on Monday.
The auction is scheduled for February 23, 2026, with settlement on February 25, 2026.
The offer comprises N400 billion of 17.95 per cent FGN JUN 2032, N300 billion of 19.89 per cent FGN MAY 2033, and N100 billion of 19.00 per cent FGN FEB 2034.
In February 2025, the DMO offered N350 billion, making the February 2026 figure a year-on-year increase of N450 billion or 128.6 per cent.
The maturity structure has shifted from the previous year, with the February 2026 programme concentrated entirely on 7-year and 10-year tenors.
This suggests a deliberate move to extend the average maturity of domestic debt and reduce near-term refinancing pressure.
Borrowing costs remain close to 19 per cent for long-dated paper, reflecting tight liquidity and sustained monetary policy restraint.
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The February offer is lower than the January 2026 offer of N900 billion, reflecting a reduction of N100 billion or 11.1 per cent month-on-month.
On pricing, February shows some moderation at the margin, with the 7-year rate declining from 18.50 per cent in January to 17.95 per cent in February.
The 10-year FGN JAN 2035 bond offered in January carried a coupon of 22.60 per cent, higher than February’s 10-year papers.
This suggests some easing at the long end of the curve compared to January’s level, though rates remain high by historical standards.
The government is borrowing at more than double last year’s February level at interest rates hovering around 18 to 20 per cent.
This reflects the elevated cost of domestic debt financing amid ongoing monetary policy tightening by the Central Bank.
