The Federal Government on Monday opened its May savings bonds’ offer, the Debt Management Office said.
According to the offer circular obtained from DMO’s website by the News Agency of Nigeria, it offered the two-year bonds at 9.48 per cent and the three-year bonds at 10.48 per cent.
The two-year bonds would be due in May 2020, while the three-year bonds would mature in May 2021.
The Debt office, however, did not state how much was offered, but the maximum subscription was N50 million at N1, 000 per unit, subject to minimum subscription of N5, 000 in multiples of N1, 000.
According to the DMO, the bonds are backed by the full faith and credit of the Federal Government, with quarterly coupon payments to bondholders.
NAN reports that savings bonds are issued to help finance the nation’s budget deficit.
They are targeted at encouraging low-income earners to save and earn more interests than the regular bank savings.
Trending
- Tinubu appoints Minister of State for Petroleum Resources (Gas) as co-chair of NCDMB Governing Council
- Kalu rejoices with Awujale at 90
- Orisa Ijebu at 90!, by Tola Adeniyi
- Senate okays death penalty for drug traffickers
- Governor Fubara speaks on his visit to assembly residential quarters
- Anambra Police repel gunmen attack near Ojukwu Varsity
- Countdown to the 10th AMVCA: Gearing up for a spectacular celebration
- President Tinubu: A year of healing and unifying Nigeria, by Fredrick Nwabufo