FG Announces First Savings Bond Offers of 2024 with 11.033% Interest Per Annum
- The Nigerian government, via the Debt Management Office, has asked Nigerians to subscribe to the 2024 FGN bonds
- The bonds are open from Monday, January 8 through January 12, 2024, and will mature in January 2026
- The two-year savings bond is due on January 17, 2026, at an annual interest rate of 11.033%.
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The Debt Management Office (DMO) has revealed the first initial bond offering 2024, comprising two Federal Government of Nigeria (FGN) bonds available for subscription.
The DMO announced on Monday, January 8, 2023, per a statement on its website.
Source: Facebook
The opening date for the bonds is January 8, 2024
The two-year savings bond is due on January 17, 2026, at an annual interest rate of 11.033%.
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The DMO said the opening date is scheduled for January 8 through January 12, 2024, with a settlement planned for January 17.
Also, coupon payments are expected on April 17, July 17, October 17, and January 17,
FGN Savings Bonds are offered at N1,000 per unit, subject to a minimum subscription of N5,000 and multiples of N1,000 afterward, also subject to a minimum of N50 million.
Bond interest is payable quarterly, while the repayment is on maturity.
FGN Savings Bonds seen as liquid assets
Federal Government Bonds are considered investment options for trustees under the Trustees Investment Act. They also count as government funds per the Company Income Tax Act (CITA) and Personal Income Tax (PITA).
The DMO lists the bonds on the Nigerian Exchange (NGX) and considers their liquid assets when banks calculate their liquidity ratio.
The Nigerian government said it raised about N16.76 billion via FGN Savings Bonds in 2023, with the interest rates ranging from 9.6% to 13.28%.
In contrast, the federal government raised about N6.658 trillion via treasury bills in the same year.
Tinubu’s govt invites Nigerians to save through bonds, offers a 12% interest rate, full repayment in 2026
Legit.ng reported that The Debt Management Office (DMO) of Nigeria, on behalf of the Federal Government of Nigeria, has announced two-year and three-year savings bonds for October 2023.
According to a statement by DMO, the offer opens on October 03, 2023, and closes on October 06, 2023.
The debt office also said the bonds come with an interest rate of up to 12 per cent, and subscriptions will be open for four days.
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Source: Legit.ng
