The Debt Management Office (DMO) has disclosed that the Federal Government's goal for this year's second bond sale is to raise a total of N2.5 trillion.

The office disclosed in a circular released on Wednesday that the offers were N1.25 trillion with a maturity date of February 2031 and another N1.25 trillion with a maturity date of February 2034.

As part of the domestic borrowing strategy, the federal government is raising the funds through the FGN savings bonds.

According to the statement, February 19, 2024 is the date of the auction and February 21, 2024 is the day of settlement.

About N7.06 trillion was raised by the Federal Government from the fixed-income market last year.

The Federal Government expects to borrow N7.83 trillion in new debt this year.

The most recent FG bonds have a face value of N1,000 and are redeemed in multiples of N1,000, with a minimum subscription requirement of N50,001,000.

FGN bonds typically pay interest on a semi-annual basis.

A two-year FGN savings bond due January 17, 2026, at 11.033 percent annual yield, and a three-year FGN savings bond due January 17, 2027, at 12.033 percent annual yield, were both offered by the FG in January.

It allotted N1.394 trillion for the three-year bond and N603.42 billion for the two-year tenor bond.