The Federal Government of Nigeria (FGN) bond recorded a 42.8% oversubscription in its November 2025 auction, highlighting strong investor demand.

According to the Debt Management Office (DMO), total subscriptions amounted to ₦657.3 billion against ₦460 billion offered, while allotments rose 85.9%, reaching ₦583.52 billion compared to ₦313.77 billion in October.

Two instruments were offered: the 17.945% FGN AUG 2030 (5-year reopening) and the 17.95% FGN JUN 2032 (7-year reopening), each with ₦230 billion allocated. The 5-year bond attracted ₦147.9 billion from 37 successful bids, while the 7-year bond drew ₦509.39 billion from 121 successful bids. Most allotments went to the 7-year tenor, which received ₦448.72 billion, nearly doubling October’s ₦225.97 billion, while the 5-year received ₦134.79 billion, up 53.5% from October’s ₦87.8 billion.

The 5-year bond cleared at 15.9%, slightly up from 15.83% in October, while the 7-year settled at 16%, compared with 15.85% previously. Bid ranges narrowed, with the 5-year priced between 14.9%–17.94% and the 7-year between 14.9%–17.95%, compared with 15–16.5% and 14.5–17.4% in October.

The strong performance reflects sustained investor confidence in FGN bonds, driven by attractive yields and the government’s commitment to debt market stability.