The Federal Government on Monday offered for subscription two-year savings bond at 10.301 per cent and three-year savings bond at 11.301 per cent per annum, the Debt Management Office has said.
According to the offer circular obtained from the DMO website, the two-year bond will be due in August 2021, while the three-year bond will be due in August 2022.
It, however, did not state how much was offered, but added that the maximum subscription was N50 million at N1,000 per unit, subject to minimum subscription of N5,000 and in multiples of N1,000.
The DMO said that the bond was fully backed by the full faith and credit of the Federal Government, with quarterly coupon payments to bondholders.
The savings bond issuance is expected to help finance the nation’s budget deficit.
It is also part of the Federal Government’s programme targeted at the lower income earners to encourage savings and also earn more income (interest), compared to their savings accounts with banks.
The circular also said that the offer would close on Friday.
Trending
- Court subpoenas Lagos prison controller over disobedience to order
- Ondo poll: You’ll be successful tomorrow, Ganduje tells Jimoh Ibrahim, others
- Court sets aside arrest warrant against Fubara’s Chief of Staff
- The New Frontier: Nigeria’s emerging role in global sports events, esports
- Ondo 2024: ADP adopts Businessman, Akinnodi as its Governorship candidate
- Lagos approves N1.5b for WAEC fees, reiterates commitment to education
- Musings on parties in turmoil, by Azu Ishiekwene
- Court dismisses suit seeking to reverse appointment of Hannatu Musawa as minister