After raising N5.63tr this year, FG offers two more bonds for subscription

After borrowing an estimated N5.63 trillion from local investors through the FGN Bond in the first 11 months of the year, the Federal Government, through the Debt Management Office (DMO), has offered a subscription to two savings bonds at 17.48 per cent and 18.48 per cent interest rate to end the year.

The DMO, in a statement yesterday, said the first offer is a two-year FGN savings bond due on December 11, 2026, at interest rates of 17.48 per cent.

The second offer is a three-year FGN savings bond that is also due on December 11 at an interest rate of 18.483 per cent.
The opening date for the offer was yesterday and they will close on December 6.

The settlement date is December 11, while coupon settlement dates are March 11, June 11, September 11 and December 11.

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

“Interest is payable quarterly while bullet repayment (principal sum) is on the maturity date,” the DMO said.

It assured that FGN savings bonds are backed by the full faith and credit of the FGN while charged upon the general assets of Nigeria.