The Debt Management Office (DMO) has announced the successful allotment of ₦3.05 billion in Federal Government of Nigeria (FGN) Savings Bonds for the month of September 2025.
The bonds were issued at ₦1,000 per unit, with a minimum subscription of ₦5,000 and subsequent subscriptions in multiples of ₦1,000, up to a maximum of ₦50 million per investor.
Launched in 2017, the FGN Savings Bond programme aims to deepen Nigeria’s domestic bond market, enhance financial inclusion, and provide retail investors with access to secure, low-risk government-backed investments.
According to data released by the DMO over the weekend, the subscription window opened on Monday, September 1, 2025, and closed on Friday, September 5, 2025. Settlement was scheduled for Tuesday, September 10, 2025.
For the September issuance, the two-year FGN Savings Bond, maturing in September 2027, was allotted at an annual interest rate of 15.541%, raising ₦631.762 million from 793 successful applications. The three-year bond, maturing in September 2028, attracted higher demand, with ₦2.416 billion allotted at a 16.541% interest rate to 1,246 investors.
Interest (coupon) payments on both bonds will be made quarterly—on March 10, June 10, September 10, and December 10—directly to investors’ accounts.
The FGN Savings Bond qualifies as an approved investment under the Trustee Investment Act and is recognized as a government security under the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA), making it eligible for tax exemption by pension funds and other qualifying institutional investors.
However, the total allotment for September (₦3.05 billion) fell short of the ₦3.3 billion raised in August. In that previous issuance, the government secured ₦573.31 million through the 2-year bond due August 2027 and ₦2.74 billion from the 3-year bond maturing in August 2028.
A combined 2,166 investors participated in the August offer, with 892 subscribing to the 2-year bond at a 14.401% coupon rate, while 1,274 subscribed to the 3-year bond at 15.401%.
