DMO offers April FGN savings bonds at N1,000 per unit

The Debt Management Office (DMO), on Monday offered two Federal Government of Nigeria (FGN) Savings Bonds for the month of April at N1,000 per unit.

According to the DMO, the first offer is a two-year FGN Savings Bond due in April 12, 2025 at an interest rate of 10.033 per cent per annum.

The second offer is a three-year FGN Savings Bond due in April 12, 2026 at 11.033 per cent per annum interest rate.

“The offer opens on April 3 and closes on April 7.

“Minimum subscription is N5,000 with multiple of N1,000 thereafter, and subject to a maximum subscription of N50 million.

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

It said that FGN Savings Bonds qualified as securities in which trustees could invest under the Trustee Investment Act.

“They also qualify as government securities within the meaning of the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for tax exemption for pension funds.

“They are listed on the Nigerian Stock Exchange Limited and qualify as liquid asset for liquidity ratio calculation for banks.

“They are backed by the full faith and credit of the FGN and charged upon the general assets of the country.’’