Wednesday, August 17, 2022

DMO issues new savings bonds for subscription at N1,000

The first offer is a two-year savings bond due on August 10, 2024 at interest rate of 9.41 per cent per annum.

• August 2, 2022
Debt Management Office (DMO)
Debt Management Office (DMO)

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)

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