The Debt Management Office has released the FGN bond auction result for January 2024.
According to the results, the Federal Government raised about N418.197 billion from the four bonds that were auctioned.
The auction which took place on January 29, 2024, saw the reopening of the 10-year 16.2884% FGN MAR 2027, the 10-year 14.55% FGN APR 2029, the 10-year 14.70% FGN JUN 2033, and the 15-year 15.45% FGN JUN 2038 bonds.
The auction results display continued investors’ appetite for longer-tenured bonds in Nigeria due to higher yield rates, even as Nigeria is yet to turn the corner concerning inflation.
With a drop in 2024’s budget deficit to N9.18 trillion from 2023’s budget deficit of N11.34 trillion, it is expected that there will be a drop in the amount raised through FGN bonds. For example, the N418.197 billion allotted in FGN bonds in January 2024 is a 36.9% year-on-year decline from the N662.617 billion raised in January 2023.
