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Nigeria's Federal Government has officially listed N4.214 billion of its April 2024 Savings Bonds on the Nigerian Exchange Ltd. (NGX) platform.
The listing announcement was made in a market bulletin on Wednesday by Godstime Iwenekhai, Head of NGX’s Issuers Regulation Department.
Iwenekhai specified that the bond consists of FGS April 2026 with 1.228 million units valued at N1.228 billion and a coupon rate of 17.046 percent.
According to him, FGS April 2027 amounting to 2.986 million units, was also listed and had a total value of N2.986 billion at 18.046 percent coupon rate.
He mentioned that the bonds, as specified by the debt office, were secured by Nigeria's overall assets and backed by the full confidence and credit of the Federal Government.
He also stated that the April 2024 edition of the Federal Government of Nigeria (FGN) Savings Bonds was listed on NGX on May 13, and that these bonds are issued monthly with two or three-year tenors and quarterly interest payments at a predetermined rate set by the DMO.
Furthermore, Iwenekhai explained how the Debt Management Office (DMO) introduced the retail savings bond product in 2017 on behalf of the federal government, aiming to democratize the bond market and make it accessible to Nigerians, while also addressing the infrastructure deficit that has hindered economic growth.
