DMO offers two savings bonds, sets minimum investment at N5,000

 The Debt Management Office (DMO) has opened two federal
government savings bonds for subscription at N1,000 per unit.

In a notice on Monday, the DMO announced the offer of a
two-year bond due August 12, 2028, at an interest rate of 13.963 percent per
annum, and a three-year bond due August 12, 2029, at 14.963 percent per annum.

The agency said the offer opened on August 3 and will close
on August 7, with settlement scheduled for August 12.

According to the debt office, interest will be paid
quarterly on November 12, February 12, May 12, and August 12 throughout the
life of the bonds.

“The savings bond is priced at N1,000 per unit, with a
minimum subscription of N5,000 and additional investments in multiples of
N1,000, subject to a maximum subscription of N50 million,” DMO said.

The agency said the bonds are listed on the Nigerian
Exchange (NGX), qualify as liquid assets for banks’ liquidity ratio
calculations, and enjoy tax exemptions under the Companies Income Tax Act
(CITA) and Personal Income Tax Act (PITA) for eligible investors, including
pension funds.

The office said the securities are backed by the full faith
and credit of the federal government and charged upon the general assets of
Nigeria.

Click to signup for FREE news updates, latest information and hottest gists everyday

Advertise on NOP NIGERIA to reach thousands of our daily users