In a strategic move aimed at promoting financial inclusion and expanding Nigeria’s domestic debt market, the Federal Government has listed its April 2025 tranche of Federal Government Savings Bonds (FGNSBs) worth N4.3 billion on the Nigerian Exchange Limited (NGX).
The development was announced on Tuesday via an official bulletin issued by NGX Regulation Limited. The listed bonds are part of the government’s monthly savings bond issuance designed to offer retail investors a secure and attractive investment alternative while supporting national development goals through debt financing.
According to the NGX bulletin, the listing comprised two tranches: a two-year savings bond maturing in April 2027 and a three-year savings bond maturing in April 2028. The shorter-tenure bond, tagged FGS202787, carries an interest rate of 16.046% per annum, with N1.13 billion raised from the issuance of 1,135,475 units. The longer-tenure bond, tagged FGS202888, offers 17.046% per annum, with N3.2 billion raised from 3,203,072 units.
The coupon payments for both tranches are scheduled quarterly—every 16th of July, October, January, and April—with maturity dates fixed for April 16, 2027, and April 16, 2028, respectively.
The FGNSB programme, launched in 2017, is a retail-targeted initiative by the Debt Management Office (DMO) in partnership with the NGX and Central Bank of Nigeria (CBN). The savings bond allows Nigerians—especially low- to middle-income earners—to invest in risk-free government securities with minimum investments as low as N5,000, making it an accessible tool for wealth preservation and growth.
Speaking on the listing, capital market analysts noted that the high-interest rates attached to the April 2025 issuance reflect the government’s intent to make the bonds more attractive amid rising inflation and stiff competition from other investment channels like fixed deposits and real estate.
“The savings bonds are not only helping to democratize investment opportunities for Nigerians but are also a vital tool in boosting government’s revenue without relying excessively on external loans,” said Dipo Ajayi, a Lagos-based financial analyst.
The Nigerian Exchange continues to be a strong partner in the government’s financial market reforms, particularly efforts aimed at deepening the fixed income space. Through its platforms, retail investors can seamlessly buy and trade government bonds, increasing market liquidity and transparency.
In recent months, the federal government has intensified its domestic borrowing efforts, with the NGX also hosting larger bond listings. In April 2025, the government listed a N368.3 billion sovereign bond, alongside an additional N234 billion in supplementary bonds.
These issuances are part of broader fiscal strategies to plug budget deficits, fund infrastructure projects, and reduce reliance on volatile crude oil revenues.
In line with President Bola Tinubu’s economic reforms and the 2024–2026 Medium-Term Expenditure Framework (MTEF), the savings bond listing reinforces ongoing efforts to promote economic stability and strengthen investor confidence.
The DMO, in collaboration with the Ministry of Finance, has frequently emphasized the importance of local borrowing as a more sustainable path toward fiscal discipline, especially in light of the naira’s depreciation and rising global debt costs.
With more Nigerians turning to bonds as a hedge against inflation and an opportunity for predictable income, the savings bond initiative is expected to witness increasing subscription in subsequent months.