The  Debt Management Office (DMO) said the Federal Government’s bond auction for August conducted on Wednesday was oversubscribed by N10.09 billion.

A statement issued in Abuja by the DMO on Thursday said N90 billion worth of bonds were offered in three tenors of five, seven and 10 years.

“Allotments were made to successful bidders at 14.39 per cent for the five-year, 14.60 per cent for the seven-year and 14.69 per cent for the 10-year bond which are consistent with the rates in the secondary market for the bonds offered at the auction.

“A total of N100.09 billion was allotted to competitive and non-competitive bidders at the auction and the proceeds will provide additional financing for the implementation of the 2018 Appropriation Act.”

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