The Federal Government’s Series VII ₦300 billion Sovereign Sukuk issuance has recorded an overwhelming subscription of ₦2.205 trillion, representing an oversubscription of 735 percent.
The Debt Management Office (DMO), which offered the Sukuk on behalf of the Federal Government, disclosed the outcome in a statement released Tuesday. The offer opened on May 12 and closed on May 20, 2025.
According to the DMO, the exceptional response reflects robust investor confidence and a growing appetite for ethical investment instruments.
“The Series VII Sovereign Sukuk, through which the DMO offered ₦300 billion on behalf of the Federal Government of Nigeria, recorded an unprecedented subscription level exceeding ₦2.205 trillion—an oversubscription of over 735%,” the Office stated.
Introduced in 2017 as a strategic initiative to diversify the nation’s investor base and promote financial inclusion, the Sukuk has consistently attracted strong interest from a wide range of investors. The latest issuance saw participation from retail investors, non-interest financial institutions, conventional banks, pension fund administrators, asset managers, and others.
As with previous issuances, proceeds from the Series VII Sukuk will be used to finance infrastructure projects across the country, including the construction and rehabilitation of roads and bridges in all six geopolitical zones and the Federal Capital Territory.
“The use of Sukuk to fund infrastructure development is a key component of President Bola Tinubu’s Renewed Hope Agenda, which prioritizes infrastructure as a major pillar of national development,” the DMO emphasized.
The Office reaffirmed its commitment to offering safe and liquid investment opportunities to the public while supporting the government’s economic development goals.
Since the inaugural Sukuk issuance in 2017, the DMO has launched six previous series—in 2017, 2018, 2020, 2021, 2022, and 2023. Over those six issuances, a total of ₦850 billion was offered, with actual subscriptions amounting to ₦1.092 trillion, underscoring sustained investor enthusiasm and repeated oversubscription.
