The Federal Government realised N1.5tn through bonds at its February auction instead of the N2.5tn it was aiming.

The Debt Management Office in a press declare on Tuesday reveal that 2031 bond had a total of N873.53 billion naira while the 2024 bond stood at N621.38 billion naira.

The Federal Government had last week seek to borrow  N2.5trillion naira by vows’, the second time it was proceed towards the fixed- income market this year.

It stressed that the present include N1.25tn with a majority date of February 2031 and N1.25tn with a ten-year tendency.

They are both newly created bonds and are offered at a unit price of N1,000, with a minimum subscription requirement of N50,001,000 and subsequent increments in multiples of N1,000. Interest payments on FGN bonds are made semi-annually (twice a year).

“In the unequalled development the Debt Management Office  raised N1.495tn  Federal Government of Nigeria vow at it’s month auction for February 2024.

“The DMO offered a N1.25tn seven-year FGN bond maturing in 2031 and another N1.25tn 10-year FGN bond maturing in 2034. For the offer, the DMO received total bids of N1.9tn, making it the highest it has received in any one FGN Securities Auction,” the statement read.

In January, the DMO offered four ten year continue bonds, totaling N360bn.

Wakadaily learnt that, FG raised about N418.197 billon naira from the four bonds  that were auction.