DMO offers December 2021 FGN Savings bond for subscription

The Debt Management Office (DMO), on behalf of the Federal Government has announced the offer for subscription of the December 2021 Federal Government Savings Bond to investors.

This disclosure is contained in a circular issued by the DMO and can be seen on its website noting that there are 2-year and 3-year savings bonds.

A breakdown of the bonds show that the 2-year FGN savings bond will be due on December 15, 2023, at 7.322% per annum and the 3-year FGN Savings Bond which will be due on December 15, 2024, at 8.322%  per annum.

A month-on-month comparison shows that the rates for the two tranches reduced slightly, compared to the  7.376% and 8.376% offered for the 2-year FGN savings bond due November 10, 2023, and 3-year FGN Savings bond due November 10, 2024, respectively.

The Bond Qualifies as securities in which trustees can invest under the Trustee Investment Act.

It also qualifies as Government securities within the meaning of Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for Tax Exemption for Pension Funds, amongst other investors.