BREAKING: DMO offers FGN savings bonds at N1,000 per unit

The Debt Management Office (DMO) has issued two Federal Government of Nigeria (FGN) Savings Bonds at N1,000 per unit for the month of April.

 

 

 

It was announced on the agency’s website on Monday.

 

 

 

According to the DMO, the first offer is a two-year FGN Savings Bond due on April 12, 2025, with an annual interest rate of 10.033 percent.

 

 

 

While the second offer is a three-year FGN Savings Bond maturing on April 12, 2026, with an annual interest rate of 11.033 percent.

 

 

 

“The offer opens on April 3 and closes on April 7.

 

 

 

“Minimum subscription is N5,000 with multiple of N1,000 thereafter, and subject to a maximum subscription of N50 million. Interest is payable quarterly while bullet repayment (principal sum) is on maturity, ’the DMO said.

 

 

 

It said that FGN Savings Bonds qualified as securities in which trustees could invest under the Trustee Investment Act.

 

 

 

“They also qualify as government securities within the meaning of the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for tax exemption for pension funds.

 

 

 

“They are listed on the Nigerian Stock Exchange Limited and qualify as liquid asset for liquidity ratio calculation for banks. They are backed by the full faith and credit of the FGN and charged upon the general assets of the country.’’ CONTINUE READING……………………………….

 

 

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