- Home
- /
- Business/Economy
- /
- DMO offers 2 FG...
DMO offers 2 FG savings bonds for subscription
The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit.
According to a statement by the DMO on Monday in Abuja, the first offer is a two-year FGN savings bond due on Aug. 21, 2026, at an interest rate of 17.373 percent per annum.
The second offer is a three-year FGN savings bond due on Aug. 21, 2027, at an interest rate of 18.373 percent per annum.
The opening date for the offer is Aug. 12, the closing date is Aug. 16, and the and the settlement date is Aug. 21, while the coupon settlement dates are Nov. 21, Feb. 21, May 21, and Aug. 21.
“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 (principal sum) is on maturity,” the DMO said.
It assured that FGN savings bonds are backed by the full faith and credit of the FGN and charged upon the general assets of Nigeria.
“They qualify as securities in which trustees can invest under the Trustee Investment Act.
“They qualify as government securities within the meaning of the Company Income Tax Act and the Personal Income Tax Act for tax exemption for pension funds, amongst other investors.
“They are listed on the Nigerian Exchange Limited and qualify as liquid assets for liquidity ratio calculation for banks.