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The Federal Government has recorded N50.45 billion from its May bonds auction, lower than the N70 billion it targeted to raise, the Debt Management Office (DMO), has said.

According to the auction result obtained from the DMO website on Thursday in Abuja, the Federal government made N3.50 billion from a five-year bond at 12.75 per cent.

It also made N8.54 billion from a seven-year bond at 13.53 per cent and N38.50 billion from its 10-year bond at 13.98 per cent, bringing the total amount realised from the May auction to N50.45 billion.

The DMO added that N14.99 billion of the 13.53 per cent for March 2025 and N14.99 billion of the 13.98 per cent for Feb. 2028 were allotted on non-competitive basis.

It also said of the 101 bids, only 62 were successful, adding that the auction drew subscriptions of N89.82 billion.

Nigeria issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.