DMO offers two FG savings bonds at N1,000 per unit

The Debt Management Office has concluded plans to secure funds for the 2023 budget in the next two days.

To achieve, the objective, it made an offer to possible buyers of two Federal Government savings bonds at N1,000 per unit on Monday.

In a statement on its website, the DMO said the first offer is a two-year federal government savings bond due to expire on February 15, 2025, at a 10.043 percent interest rate per annum.

The second offer is a three-year FG savings bond due on February 15, 2026, at an interest rate of 11.043 percent per annum.

The offer will open on February 6 and end four days later.

The statement read: “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.

READ ALSO: DMO announces first FG borrowing in 2023

“Interest is payable quarterly, while bullet repayment (principal sum) is made on maturity.

The FGN bonds, according to DMO, qualify as securities in which trustees could invest under the Trustee Investment Act.

“They qualify as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds among other investors.

“They are listed on the Nigerian Stock Exchange Limited and the FMDQ Securities Exchange Limited,” it added.

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