"Invest And Save": FG Asks Nigerians to Invest in Infrastructure With N5k at 13.28% Interest
- The Debt Management Office (DMO) has asked Nigerians to subscribe to Federal Government of Nigeria (FGN) bonds
- The bond offerings, which opened on December 4 and end December 8, 2023, are fully backed by the federal government
- The DMO said the interest rate for the two-year bonds will be 12.287% per annum
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The Debt Management Office (DMO) has begun the subscription of two-year and three-year FGN bonds for December 2023, with an annual interest rate of 12.287% and 13.287%.
The DMO disclosed this in a statement on its website on Monday, November 4, 2023.
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FG gives a deadline for the offer
The statement said the offer will last for five days, commencing on December 4 and concluding on December 8, 2023.
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The bonds are due for maturity on March 13, 2024.
The statement said:
“Under the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 DEBT MANAGEMENT OFFICE on behalf of the FEDERAL GOVERNMENT OF NIGERIA Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria saving bonds.”
According to the statement, the interest rate for the two-year bonds will be 12.287% per annum, while the three-year bond has an interest rate of 13.287% per annum.
The DMO said the settlement for both the bond offerings for December 13, 2023, with the coupon payments are scheduled for March 13, June 13, September 13, and December 13.
The bonds will accrue quarterly interest.
Per the DMO, the subscription units are N1,000 per unit, subject to a minimum subscription of N5,000 and subsequent multiples of N1,000, with a maximum subscription limit of N50 million.
The DMO said that the Nigerian federal government fully backs FGN bonds.
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Legit.ng earlier reported that the DMO, on behalf of the FG, announced two-year and three-year savings bonds for October 2023.
The offer opened on October 03, 2023, and closed on October 06 2023.
The debt office also said the bonds came with an interest rate of up to 12 percent, and subscriptions would be open for four days.
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Source: Legit.ng
