DMO releases two new FGN bond offers

The Debt Management Office (DMO) has released two new Federal Government savings bond offers for subscription.

In a statement issued on Monday, DMO said the first offer was a two-year savings bond due on November 15, 2025, at an interest rate of 12.464 percent per annum.

The second offer, according to the agency, was a three-year FGN savings bond due on November 15, 2026, at an interest rate of 13.464 percent per annum.

It noted that the bonds were 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.

“Opening date for the offers is November 6, closing date is November 10, settlement date is November 15, while coupon payment dates are February 15, May 15, August 15 and November 15,” the DMO said.

READ ALSO: DMO says Nigeria’s total public debt increased by N37.53trn in 3 months

It stressed that interests for the savings bonds were payable quarterly while bullet repayment was on the maturity date.

“The bonds are backed by the full faith and credit of Nigeria and charged upon the general assets of Nigeria.

“They qualify as securities in which trustees can invest under the Trustee Investment Act.

“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.

“Listed in the Nigerian Exchange Limited; and qualify as liquid assets for liquidity ratio calculation for banks,” the agency added.

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