Nigeria borrows N1.48tn via bonds in Q1 2022

The Nigerian government borrowed N1.48tn from bond investors through Federal Government bonds between January and March 2022, an analysis of the FGN Bond Auction results available on the website of the Debt Management Office, showed.

Within the period under review, bond oversubscriptions hit N1.03tn, indicating the investors’ increasing appetite for FGN bonds.

A look at the breakdown for each month showed that Federal Government bonds for January worth N150 billion were oversubscribed by N175.24 billion.

Read Also: Simon Ekpa, Nnamdi Kanu’s disciple behind unrest in South-East – IPOB claims

The total subscription received from investors for the bonds was N325.24bn, comprising N111.19bn for the 12.50 per cent FGN January 2026 bonds and N214.05bn for the 13 per cent FGN January 2042 bonds.

The auction result added that out of the 112 and 142 total bids for the tenures, 75 and 85 bids were successful.

For February, the Federal Government bonds worth N150bn were also oversubscribed by N407.72bn. The total subscription received from investors for the bonds was N557.72bn, comprising N325.40bn for the 12.50 per cent FGN January 2026 bonds and N232.32bn for the 13 per cent FGN January 2042 bonds.

The auction result added that out of the 230 and 151 total bids for the tenures, 46 and 119 bids were successful.

For March, the Federal Government bonds worth N150bn were equally oversubscribed by N448.42bn. The total subscription received from investors for the bonds was N598.42bn, comprising N231.02bn for the 12.50 per cent FGN January 2026 bonds and N367.40bn for the 13 per cent FGN January 2042 bonds. The auction result added that out of the 170 and 227 total bids for the tenures, 97 and 141 bids were successful.