DMO lists two FG savings bonds for subscription in first 2024 offer

THE Debt Management Office (DMO) listed two Federal Government of Nigeria savings bonds on Monday for subscription at N1,000 per unit.

They are the first offers in 2024.

According to News Agency of Nigeria (NAN), The first offer is a two-year savings bond due to mature on January 17, 2026 at 11.033 per cent per annum.

The second offer is a three-year savings bond due to mature on January 17, 2027, at an interest rate of 12.033 per cent per annum.

Opening date for both offers is January 8, while the closing date is January12; settlement is January 17, and coupon payment dates are April 17, July 17, October 17 and January 17.

“They are offered at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

“Interest is payable quarterly while bullet repayment is made on maturity date,’’ the DMO stated.

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

“They qualify as securities in which trustees can invest under the Trustees Investment Act.

“They qualify as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for tax exemption and pension funds, amongst other investments,’’ the DMO stated.