DMO lists 2 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.

The first offer is a two-year savings bond due to mature on January 17, 2026, at 11.033 percent 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 percent per annum.

The opening date for both offers is Jan. 8, while the closing date is Jan. 12. Settlement is Jan. 17, and coupon payment dates are April 17, July 17, Oct. 17, and Jan. 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 the maturity date,’’ the DMO stated.

The savings bonds, like all other Federal Government securities, are backed by the full faith and 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.