By Seun Ibiyemi
The Debt Management Office (DMO) has announced the offer of two Federal Government of Nigeria (FGN) Savings Bonds for subscription at N1,000 per unit.
In a statement, the DMO disclosed that the first offer is a two-year FGN Savings Bond due on March 11, 2028, with an interest rate of 12.906 per cent per annum.
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The second is a three-year FGN Savings Bond due on March 11, 2029, offering 13.906 per cent interest per annum.
The agency said the offer opened on March 2 and will close on March 6, with settlement scheduled for March 11. Coupon payments will be made quarterly on June 11, September 11, December 11 and March 11.
According to the DMO, the bonds are backed by the full faith and credit of the Federal Government of Nigeria and are charged upon the general assets of the country.
It added that the instruments qualify as securities in which trustees can invest under the Trustee Investment Act and are recognised as government securities under the Company Income Tax Act and the Personal Income Tax Act, making them eligible for tax exemption for pension funds, among others.
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The DMO further stated that the bonds are listed on the Nigerian Exchange Limited and the FMDQ OTC Securities Exchange.
It also noted that all FGN bonds qualify as liquid assets for liquidity ratio calculations for banks, reinforcing their attractiveness to institutional investors.
