1 month ago
14 ARTICLE AD
The Debt Management Office has announced the opening of the October 2024 Federal Government of Nigeria savings bond offer, featuring two bond series with competitive interest rates.
According to a bond circular on the DMO’s website, the subscription window is open from October 7 to October 11, 2024.
The first series is a two-year FGN savings bond, maturing on October 16, 2026, with an interest rate of 17.084 per cent per annum.
The second is a three-year FGN savings bond, maturing on October 16, 2027, offering 18.084 per cent per annum.
Both series are designed to provide regular income to investors, with interest payments scheduled quarterly on January 16, April 16, July 16, and October 16 each year.
Investors can subscribe to these bonds with a minimum investment of N5,000, available in multiples of N1,000 up to a maximum of N50m.
The bonds are listed on The Nigerian Exchange, ensuring liquidity for those who may wish to trade them before maturity.
The DMO noted that the bonds qualify as government securities under the Trustee Investment Act, making them suitable for trustees and pension funds.
It added that the bonds “qualifies as Government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for Tax Exemption for Pension Funds, amongst other investors.”
Backed by the full faith and credit of the Federal Government of Nigeria, these savings bonds are seen as a secure investment option.
The DMO asked interested investors to contact authorised stockbroking firms for subscription details or visit the DMO’s website for more information.
The PUNCH earlier reported that the Federal Government’s savings bond for September 2027 attracted N2.75bn in successful subscriptions, with an 18.20 per cent coupon rate.
Also, the two-year FGN Savings Bond, set to mature in September 2026, offered a 17.202 per cent coupon rate, raising N843.58m from 418 successful subscriptions during the same offer period.
