Aduragbemi Omiyale
By Aduragbemi Omiyale
The sale of the first Federal Government of Nigeria (FGN) savings bonds for 2024 will close on Friday, January 12, Business Post reports.
Subscription for the January 2024 FGN retail bonds commenced on Monday, January 8, with the Debt Management Office (DMO) offering the debt instrument in two tenors, as it has always done.
According to details from the debt office, the savings bonds in two-year tenor and three-year tenor at an annual interest rate of 11.03 per cent and 12.03 per cent, respectively.
The interest would be paid into subscribers’ bank accounts every quarter, this newspaper gathered from the DMO, while the bullet repayment would be done at the maturity date.
The FGN retail savings bonds are targeted at low-income earners. The bond is sold at N1,000 per unit, with a minimum subscription of N5,000 and a maximum of N10 million.
Intending investors can buy the debt instrument from their authorised brokerage firms.
The FGN savings bond, which is tax-free, is backed by the full faith and credit of the Nigerian government and will be listed on the Nigerian Exchange (NGX) Limited.
