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By Joseph Chibueze, Abuja
13 August 2024 | 3:21 am
The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit.
The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit.
The DMO in a statement yesterday in Abuja said the first offer is a two-year FGN savings bond due on August 21, 2026, at an interest rate of 17.373 per cent per annum.
The second offer is a three-year FGN savings bond due on August 21, 2027, at an interest rate of 18.373 per cent per annum.
The opening date for the offer is August 12, the closing date is August 16, and the settlement date is August 21, while coupon settlement dates are November 21, February 21, May 21 and August 21.
“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.
“Interest is payable quarterly while bullet repayment (principal sum) is on the maturity date,” the DMO said.
It assured that FGN savings bonds are backed by the full faith and credit of the FGN, and charged upon the general assets of Nigeria.
“They qualify as securities in which trustees can invest under the Trustee Investment Act,” it noted, adding that they also qualify as government securities within the meaning of the Company Income Tax Act and Personal Income Tax Act for tax exemption for pension funds amongst other investors.
The DMO also added that they are listed on the Nigerian Exchange Limited, and qualify as liquid assets for liquidity ratio calculation for banks.
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The Debt Management Office (DMO) has offered two Federal Government of Nigeria (FGN) savings bonds for subscription at N1,000 per unit.
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