The Debt Management Office (DMO) has announced the issuance of FGN Savings Bonds for May 2024.
DMO disclosed this in a statement on Monday, stating that the interest payments are payable quarterly.
The bonds, according to DMO, are available in two maturities: 2-year and 3-year and the redemption is bullet repayment on the maturity date.
The two-year FGN Savings Bond due May 15, 2026: 17.407% per annum, while the three-year FGN Savings Bond due May 15, 2027: 18.407% per annum.
The unit of sale is said to be N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of 1,000 thereafter, subject to a maximum subscription of N50,000,000.
“Qualifies as securities in which trustees can invest under the Trustee Investment Act, qualifies as government securities within the meaning of the Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for tax exemption for pension funds, amongst other investors,” DMO stated.
“Listed on The Nigerian Exchanged Limited, Qualifies as a liquid asset for liquidity ratio calculation for banks.”
DMO also added that the bond is backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria.
