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DMO Offers 2 Savings Bonds At N1,000 Per Unit

POSTED ON May 7, 2024 •   Business      BY Abiodun Saheed Omodara
Debt Management Office (DMO) l Credit:@DMONigeria l source: X

The Debt Management Office (DMO) announced on Monday, the listing of two Federal Government of Nigeria (FGN) savings bonds at a price of N1,000 per unit. 

In a statement, DMO said that the first offer is a two-year FGN savings bond, which will mature on May 15, 2026, with an annual interest rate of 17.407 percent. 

The second offer is a three-year FGN savings bond maturing on May 15, 2027, at an interest rate of 18.407 percent per annum. 

The subscription opens on May 6 and closes on May 10, with the settlement date set for May 15. Coupon payments will be made on Aug. 15, Nov. 15, Feb. 15, and May 15. 

The bonds are available at N1,000 per unit with a minimum subscription of N5,000 and in multiples of N1,000 thereafter, up to a maximum subscription of N50 million. Interest is payable quarterly, with the principal sum to be repaid on the maturity date. 

The DMO emphasized that FGN savings bonds, like other FGN securities, are backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria. 

These bonds qualify as securities for trustees' investments under the Trustee Investment Act and as government securities for tax exemption for pension funds and other investors under the Company Income Tax Act and Personal Income Tax Act. 

They are listed on the Nigerian Exchange Limited and the FMDQ, and also qualify as liquid assets for liquidity ratio calculation for banks.

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