- The Federal government is inviting Nigerians to invest in two of its October bonds and has offered up to 12% interest rate
- The offer is open to every Nigerian, and the repayment dates have been set for 2026
- The administration of President Tinubu will use the bonds to fulfil some of its pressing needs while helping Nigerians to save and earn
According to a statement by DMO, the offer opens on October 03, 2023, and closes on October 06 2023.
The debt office also said the bonds come with an interest rate of up to 12 per cent, and subscriptions will be open for four days.
The DMO also said the bonds will mature on October 11, 2025, and October 11, 2026, for the two-year and three-year bonds, respectively.
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The DMO statement on its website reads:
“Invest in the FGN Savings Bond offer for October 2023 for as low as N5,000 and enjoy favourable returns. Also, the higher your subscription, the greater your returns. The offers open today and closes on Friday, October 6, 2023.
The bond offers an interest rate of 11.074 per cent per annum for the two-year bonds, while the three-year bonds offer an interest rate of 12.074 per cent per annum.
The interest on the bonds will be paid every quarter. The settlement date for both bond offerings will be October 11, 2023, while coupon payments has been scheduled for January 11, April 11, July 11, and October 11.
The DMO also outlined the subscription units as N1,000 per unit, subject to a minimum subscription of N5,000 and subsequent multiples of N1,000, with a maximum subscription limit of N50,000,000.
What are FGN saving bonds and purpose?
The Federal Government of Nigeria (FGN) Savings Bond helps to enhance the savings culture among Nigerians.
It also provides all citizens, irrespective of income level, an opportunity to contribute to national development and the comparatively favourable returns available in the capital market.
FGN Savings Bond is safe and backed by the full faith and credit of the Federal Government of Nigeria, with quarterly coupon payments to bondholders.
To invest, contact your stockbroker or visit www.dmo.gov.ng for the list of distribution agents.
"You Will Be Influenced": US Cautions Tinubu About China After Debt Increased by 200% Under Buhari
In an earlier report by Legit.ng, the United States government asked Nigeria to be careful about its relationship with China.
In its Integrated Country Strategies document of the Department of State, the US noted that China could influence the Nigerian government through the loans it provides to the country.
The warning comes after an increase in Nigeria's debt by over 237.31% during Muhammadu Buhari's tenure.