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Home Economy Finance

DMO Opens Subscription For 2 FGN Savings Bonds

by Justice Godfrey Okamgba
July 4, 2023
in Finance
0
FNG Bond Savings
UBA
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The Debt Management Office (DMO) has announced the opening of subscription for two Federal Government of Nigeria (FGN) Savings Bonds for the month of July.

These bonds are available for purchase at a price of N1,000 per unit.

The first offer is a two-year FGN Savings Bond that will mature on July 12, 2025, with an annual interest rate of 9.07 percent. The second offer is a three-year FGN Savings Bond that will mature on July 12, 2026, with an annual interest rate of 10.070 percent.

The subscription period for both bonds opened on July 3 and will close on July 7. The settlement date for the bonds is scheduled for July 13. Coupon payments for the bonds will be made on October 12, January 12, April 12, and July 12, respectively.

The minimum subscription amount for these bonds is N5,000, and subsequent subscriptions must be in multiples of N1,000. The maximum subscription limit is set at N50 million. Interest payments on the bonds are made quarterly, and the principal sum is paid in full upon maturity.

The DMO emphasizes that these bonds are fully backed by the Federal Government of Nigeria and are secured against the country’s general assets. They are considered eligible securities for investment by trustees under the Trustee Investment Act.

Additionally, the bonds qualify as government securities for tax exemption purposes under the Company Income Tax Act and Personal Income Tax Act, particularly for pension funds and other investors.

They are listed on the Nigerian Exchange Limited and are considered liquid assets for the calculation of liquidity ratios for banks

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  • Justice Godfrey Okamgba
    Justice Godfrey Okamgba

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