Savings

DMO lists 2 new FGN Savings Bonds to be subscribed at 1,000 Naira each

The second is a three-year savings bond maturing June 15, 2025 at an interest rate of 9.20% per annum.

“Offer starts Monday, June 6 and ends Friday, June 10; the settlement date is June 15.

“They are offered at N1,000 per unit, subject to a minimum subscription of N5,000, and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.

“The interest payment will be made quarterly, while the total amount invested (bullet repayment) will be made on the due date,” he added. said the DMO.

He added that FGN bonds are considered securities in which trustees can invest under the Trustee Investment Act.

“They also qualify as government securities within the meaning of the Corporation Income Tax Act and the Personal Income Tax Act; for tax exemption and for pension funds, among others,’‘ did he declare.

Savings bonds are listed on the Nigerian Stock Exchange and are considered liquid assets for calculating the liquidity ratio in banks.

“FGN Bonds are secured by the full faith and credit of the Federal Government of Nigeria and are charged against the general assets of Nigeria,” he added. he also stated.

The DMO has urged interested investors to contact brokerage firms designated as distributors or visit its website: www.dmo.gov.ng for the list of distributors.