Featured Finance

DMO lists 2 new FGN savings bonds for subscription

The Debt Management Office (DMO), on Monday offered two new Federal Government of Nigeria (FGN) bonds for subscription.

The first,  a two-year FGN Savings Bond, comes at an interest rate of 7.33 per cent per annum, and would be due on April 13, 2024.

There is also a three-year FGN Savings Bond at an interest rate of 8.33 per cent per annum, due on April 13, 2025.

According to the DMO announcement on its official website,  the opening date for the bonds’ sale is April 4, closing date is April 8,  while  settlement date is April 13.

It said that coupon payment date would be July 13, October 13, January 13 and April 13.

The offer comes at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1000 thereafter, subject to a maximum subscription of N50 million.

Interest on the bonds is payable quarterly, while  bullet repayment would by on maturity date.

The DMO said that the bonds qualify as securities in which trustees can invest under the Trustee Investment Act.

“They qualify as Government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) and 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,” it said.

It added that they are backed by the full faith and credit of the Federal Government and charged upon the general assets of the country.

Related posts

Kaduna agency parleys with 9 banks over N2.3bn unpaid tax

Editor

FG, Lagos to address infrastructural decline in Festac Town

Meletus EZE 

Nigeria is broke, borrowing to service debts

Our Reporter

BBNaija S7: What will happen to Level 3 housemates, Doyin, Eloswag, Chomzy?

Our Reporter

Soleimani killing a ‘new phase’ for Middle East, says Hezbollah chief

Meletus EZE

NIN: FG extends period of registration, suspends USSD charges

Our Reporter