DMO issues new savings bonds for subscription at N1,000
The Debt Management Office (DMO) has announced two additional federal government savings bonds for August at N1,000 per unit.
It stated on Monday in Abuja that the first offer is a two-year savings bond due on August 10, 2024 at interest rate of 9.41 per cent per annum.
The second is a three-year savings bond due on August 10, 2025, at an interest rate of 10.41 per cent per annum.
According to the DMO, the bonds are subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, and subject to a maximum subscription of N50 million.
It stated also that the offer opened on Monday (August 1) and will close on Friday (August 5), adding that coupon payments will begin on November 10.
“Interest is payable quarterly while bullet repayment (the principal sum) will be made on maturity date. The FGN bonds qualify as securities in which trustees can invest under the Trustee Investment Act,” stated the DMO.
It added, “They qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for Pension Funds, among other investors. They are listed on The Nigerian Stock Exchange and qualify as liquid assets for liquidity ratio calculation for banks.’’
It also mentioned that the bonds would be backed by the full faith and credit of the government and charged upon the general assets of the country.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
NNPCL, SNEPCo, Esso, Agip seal deepwater Bonga deal, target $21 billion investment
NNPCL and the OML 118 contractor parties have executed the addendum to the OML 118 Production Sharing Contract and the addendum to the Dispute Settlement Agreement.
Economy
AiNET, CEO settle with U.S. SEC over submitting claims for data centre services
The U.S. alleged that the AiNET data centre failed to comply with Tier III standards and that AiNET and Mr Jain falsely certified to the SEC that it was Tier IV.
Faith
BPP felicitates Tinubu, Muslim faithful on Eid-ul-Mawlid
Mr Adedokun, in a goodwill message on Tuesday, extended warm greetings to Mr Tinubu, praying that the prophet’s virtues would continue to inspire the president’s leadership.
World
UK vows to keep backing Ukraine war efforts amid Russia’s threats
The United Kingdom, on Monday, pledged continued support for Ukraine amid threats from Russia.
Anti-Corruption
Philips engineer convicted for stealing trade secrets for Chinese competitor Kunshan GuoLi
A federal jury in Chicago convicted a former engineer at Philips Medical Systems of conspiring to steal Philips’ trade secrets and bring them to a Chinese competitor.
Economy
Tetra Tech to pay $57 million over falsifying soil test results at Hunters Point Naval Shipyard
The complaint further alleged that Tetra Tech intentionally manipulated scan results in its database, falsely representing scans taken at different locations.
