Debt Office Opens Federal Govt. Bonds for Subscription
Patience Oniha,
Director-General, Debt Management Office
Debt Office Opens Federal Govt. Bonds for Subscription
The Nigerian Debt Management Office (DMO) on Monday offered for subscription unspecified unit of the Federal Government bonds at N1000 per unit.
According to information on its official website, DMO announced that the bonds were two-year FGN Savings Bond due on July 14, 2023, with an interest rate of 8. 35 per cent per annum.
Information obtained from the DMO document shows that there is also a three-year FGN Savings Bond due on July 14, 2024, at a 9.35 per cent interest rate per annum.
It noted that the opening date for subscription is July 5, the closing date is July 9, while Coupon Payment Dates are July 14, October 14, January 14, April 14, July 14.
Patience Oniha, Director-General, Debt Management Office
According to DMO, this bonds offer comes at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1000 thereafter, subject to a maximum subscription of N50 million.
The office assured that the bonds qualify as securities in which trustees can invest under the Trustee Investment Act.
“They qualify as Government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PITA) for Tax Exemption for Pension Funds, among other investors.
“They are listed on The Nigerian Stock Exchange and qualify as a liquid asset for liquidity ratio calculation for banks,” it stated.
It added that they are backed by the full faith and credit of the Federal Government and charged upon the general assets of the country.
Debt Office Opens Federal Govt. Bonds for Subscription
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