DMO offers two additional FGN savings bonds for subscription in March

By Seun Ibiyemi

The Debt Management Office (DMO), has offered two additional Federal Government of Nigeria (FGN) bonds for subscription for the month of March.

According to DMO, the first offer is a two-year Savings Bond which will be due on Mar 16, 2024, at an interest rate of 9.470 per cent per annum.

The second offer, according to the DMO, is a three-year Savings Bond to be due by Mar 16, 2025, at an interest rate of 10.47 per cent per annum.

“It goes for N1,000 per unit, subject to a minimum subscription of N5,000 and  a maximum subscription of N50 million.

“Bullet payment is on maturity date,’’ it said.

It said that the bonds were qualified as securities that trustees could invest in under the Trustee Investment Act.

“The bonds also qualify as government securities within the meaning of Company Income Tax Act. (CITA) and Personal Income Tax Act (PITA) for Tax Exemption for Pension Funds, among other investors.

“They are listed on The Nigerian Stock Exchange and qualify as a liquid asset for liquidity ratio calculation for banks,” the DMO said.

According to DMO, the bonds are backed by the full faith and credit of the Federal Government and charged upon the general assets of the country.