Market News
FG unveils two savings bonds - PUNCH
The Federal Government of Nigeria, through the Debt Management Office, has announced the launch of two of its Savings Bonds, offering interest rates of 17.23 per cent per annum for the two-year bond maturing in January 2027 and 18.23 per cent per annum for the 3-year bond maturing in January 2028.
The subscription for the bonds opens on January 13, 2025, and will close on January 17, 2025, with the settlement date set for January 22, 2025. Interest payments will be made quarterly on April 22, July 22, October 22, and January 22.
The bonds, which qualify for tax exemption under the Company Income Tax Act and Personal Income Tax Act, are also eligible for investment by trustees, pension funds, and other institutional investors. Each unit of the bond is priced at N1,000, with a minimum subscription of N5,000 and a maximum of N50,000,000.
The bonds are fully backed by the credit of the Federal Government, making them a secure investment for Nigerian investors.
The PUNCH reported that the Debt Management Office has announced that the Federal Government was offering three bonds worth N150bn for the September auction.
