The Debt Management Office has announced the opening of the October 2024 Federal Government of Nigeria Savings Bonds, featuring two bond series with competitive interest rates.
According to the bond information on DMO’s website, the subscription period is from October 7 to October 11, 2024.
The first series is a two-year FGN Savings Bond maturing on October 16, 2026, with an interest rate of 17.084% per annum.
The second is a three-year FGN Savings Bond with a maturity date of October 16, 2027 and an annual interest rate of 18.084%.
Both series are designed to provide investors with regular income, with interest payments scheduled quarterly on January 16, April 16, July 16, and October 16 of each year. Masu.
Investors can subscribe to these bonds with a minimum investment of N5,000 and can purchase in multiples of N1,000 up to N50 million.
The bond is listed on the Nigerian Exchange, ensuring liquidity for those wishing to trade it before maturity.
The DMO noted that the bonds qualify as government securities under the Trustee Investment Act and are suitable for trustees and pension funds.
It added that the bonds “qualify as government securities within the meaning of the tax exemption for pension funds and other investors under the Enterprise Income Tax Act and the Personal Income Tax Act.”
Backed by the full faith and credit of the Federal Government of Nigeria, these savings bonds are considered a safe investment option.
DMO asked interested investors to contact their accredited brokerage firm for subscription details or visit DMO’s website for more information.
PUNCH earlier reported that the September 2027 federal government savings bond attracted applications of N2.75 billion at a coupon rate of 18.20%.
Also, the two-year FGN Savings Bond, which matures in September 2026, offers a coupon rate of 17.202 per cent and raised N843.58 million with 418 successful applications during the same offering period.
