Federal Government Lists Additional FGN Bonds on NGX Following May Auction

The Federal Government of Nigeria has increased the outstanding stock of two sovereign bond instruments following the supplementary listing of additional Federal Government of Nigeria (FGN) Bonds on the Nigerian Exchange Limited (NGX).

According to a market notice issued by NGX, the additional units arising from the Federal Government’s May 2026 bond issuance were officially listed on the Exchange on May 29, 2026.

The supplementary listing affected the 16.2499% FGN APR 2037 Bond and the 22.60% FGN JAN 2035 Bond, increasing the total volume of both instruments available to investors in the secondary market.

The 16.2499% FGN APR 2037 Bond recorded an additional issuance of 476,837,529 units. Prior to the supplementary listing, the bond had 1,796,653,545 units outstanding as of May 15, 2026. Following the new issuance, the total outstanding units increased to 2,273,491,074.

Similarly, the 22.60% FGN JAN 2035 Bond received an additional 137,674,284 units, raising its total outstanding volume from 1,149,709,269 units to 1,287,383,553 units.

Combined, the Federal Government added 614,511,813 units across both bond instruments, further expanding the size and liquidity of Nigeria’s sovereign debt market.

The supplementary listing follows the Debt Management Office’s (DMO) strategy of reopening existing bond issues rather than creating entirely new instruments.

Reopening existing bonds helps improve market liquidity, deepen trading activity and provide investors with larger benchmark securities.

FGN Bonds remain among the most actively traded fixed-income instruments in Nigeria due to their sovereign backing, predictable coupon payments and attractiveness to pension funds, asset managers, insurance firms and other institutional investors.

The 22.60% FGN JAN 2035 Bond continues to offer one of the highest coupon rates among outstanding government securities, while the 16.2499% FGN APR 2037 Bond provides investors with longer-term exposure to Nigeria’s sovereign debt market.

Market analysts expect the additional listings to support trading activity on the secondary market by increasing the availability of the instruments and improving price discovery.

The development also reinforces the Federal Government’s ongoing reliance on the domestic debt market to finance budgetary obligations while providing investors with a wider range of government-backed investment opportunities.

With the supplementary listing now completed, investors can trade the additional units of both bond instruments on the Nigerian Exchange alongside previously issued units.