FG opens two savings bonds for subscription

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FG opens two savings bonds for subscription



The Debt Management Office (DMO) has announced the opening of two Federal Government (FGN) savings bonds for subscription at N1000 per unit.
According to details obtained from DMO’s Website, investors are entitled to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, and subject to a maximum subscription of N50 million.
The first offer, according to the DMO, is a two-year FGN Savings Bond due on May 12, 2023, with an interest rate of 7.753 per cent per annum.
The second offer is a three-year FGN Savings Bond due in May 12, 2024, at an interest rate of 8.753 per cent per annum.
The opening date for the subscription is May 3, and the closing date is May 7, while the settlement date is May 12, and coupon payment dates are Aug. 12 and November 12, 2021, and Feb. 12 and May 12, 2022.
“They qualify as securities to which trustees can invest under the Trustee Investment Act.
ALSO READ: Nigerian govt issues new savings bonds at 5.52%, 6.52% rates
“Qualify as government securities within the meaning of Company Income Tax Act and Personal Income Tax Act for tax exemption for pension, listed in the Nigerian Stock Exchange.
“It qualifies as a liquidity ratio calculation for banks,” DMO stated.
It added that the bonds were backed by the full faith and credit of the Federal Government, and charged upon the general assets of Nigeria. (NAN)

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