Friday, April 19, 2024

DMO lists April savings bonds for subscription

The Debt Management Office has listed two federal government of Nigeria savings bonds for subscription at N1,000 per unit.

• April 3, 2024
Debt Management Office (DMO)
Debt Management Office (DMO)

The Debt Management Office (DMO) has listed two federal government of Nigeria savings bonds for subscription at N1,000 per unit.

According to a statement by the DMO, the first offer is a two-year federal government savings bond due on April 9, 2026, at 17.046 per cent per annum.

“The second offer is a three-year FGN savings bond due on April 9, 2027, at interest rate of 18.046 per cent per annum.

“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.

“Opening date for subscription was April 1, closing date is April 5, settlement date is April 9, while coupon payment dates are July 9, October 9, January 9, (2025) and April 9 (2025),” the DMO said.

It said interests are payable quarterly while bullet repayment (principal sum) is on the maturity date.

It assured that the savings bonds, like all other 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 Company Income Tax Act and Personal Income Tax Act for tax exemption for pension fund amongst other investors.

“They are listed on the Nigerian Exchange Limited, and qualify as liquid asset for liquidity ratio calculation for banks,” it said.

(NAN)

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