DMO’s Nov Bonds Yield Strong Investor Response

The Debt Management Office (DMO) has announced the allotment results for the November 2025 Federal Government Savings Bond (FGNSB), showing strong investor interest in both the 2-year and 3-year tenors. According to a circular published on the DMO’s website, the 13.565% FGNSB maturing in November 2027 and the 14.565% FGNSB maturing in November 2028 were offered to investors between November 3rd and 7th, 2025, with settlement completed on November 12th.

The 2-year bond, maturing in November 2027, saw a total allotment of ₦958.416 million across 1,866 successful subscriptions. The 3-year bond, due in November 2028, recorded ₦2.874 billion in allotments with 2,003 successful subscriptions. Combined, the total amount allotted reached approximately ₦3.83 billion, reflecting robust demand for government securities amid current economic conditions.

Both bonds will pay quarterly coupons on February 12, May 12, August 12, and November 12. The 2-year bond matures on November 12, 2027, while the 3-year bond matures on November 12, 2028.

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Compared to the October 2025 issuance, the November allotment was slightly lower. In October, the 2-year bond was allotted at an interest rate of 14.062% per annum, totaling ₦779.047 million with 1,052 successful investors. The 3-year bond attracted more interest, raising ₦3.185 billion with 1,435 subscriptions at a coupon rate of 15.062% per annum.

The Savings Bond programme offers Nigerian retail investors a secure and accessible way to invest in government debt with competitive fixed interest rates. The 13.565% and 14.565% coupon rates are particularly attractive in the current low-interest environment, helping investors preserve capital while earning steady income.

Launched in 2017, the FGNSB initiative aims to deepen the domestic bond market, promote financial inclusion, and provide retail investors access to low-risk government securities. These bonds qualify as approved investments under the Trustee Investment Act and are recognized under both the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA), making them eligible for tax exemptions by pension funds and other institutional investors.

Additionally, the bonds are listed on the Nigerian Exchange Limited (NGX), allowing investors to trade them on the secondary market and enhancing liquidity. They also qualify as liquid assets for calculating banks’ liquidity ratios.