The Debt Management Office has introduced the October 2024 Federal Government of Nigeria savings bond offer, featuring two bond series with competitive interest rates. The subscription window for these bonds is open from October 7 to October 11, 2024.
The first series is a two-year FGN savings bond set to mature on October 16, 2026, offering an interest rate of 17.084 per cent per annum. The second series is a three-year FGN savings bond maturing on October 16, 2027, with an interest rate of 18.084 per cent per annum.
Both bond series aim to provide investors with regular income, with interest payments scheduled quarterly on January 16, April 16, July 16, and October 16 each year. Investors can participate in these bonds with a minimum investment of N5,000, available in multiples of N1,000 up to a maximum of N50m.
These bonds are listed on The Nigerian Exchange to ensure liquidity for trading before maturity. The DMO highlighted that the bonds qualify as government securities under the Trustee Investment Act, making them suitable for trustees and pension funds.
These savings bonds, backed by the Federal Government of Nigeria, are considered a secure investment option. Interested investors are advised to contact authorized stockbroking firms for subscription details or visit the DMO’s website for further information.
In a previous report, the Federal Government’s savings bond for September 2027 received N2.75bn in successful subscriptions with an 18.20 per cent coupon rate. Additionally, the two-year FGN Savings Bond maturing in September 2026 offered a 17.202 per cent coupon rate, generating N843.58m from 418 successful subscriptions during the same offer period.