The Debt Management Office (DMO) of Nigeria has officially launched its October 2024 Federal Government savings bond offer, which includes two distinct bond series featuring competitive interest rates aimed at attracting a wide range of investors. The subscription period is set from October 7 to October 11, 2024.

The first series is a two-year FGN savings bond that will mature on October 16, 2026, and offers an interest rate of 17.084% per annum. The second series is a three-year FGN savings bond, maturing on October 16, 2027, with a slightly higher interest rate of 18.084% per annum.

Both series are structured to provide regular income to investors, with interest payments scheduled quarterly on January 16, April 16, July 16, and October 16 each year. Investors can participate with a minimum investment of N5,000, and additional investments can be made in multiples of N1,000, up to a maximum of N50 million.

To enhance liquidity for investors, the bonds are listed on The Nigerian Exchange, allowing for trading before maturity. The DMO emphasizes that these bonds qualify as government securities under the Trustee Investment Act, making them an ideal choice for trustees and pension funds. Moreover, they are eligible for tax exemptions under the Company Income Tax Act and the Personal Income Tax Act, further enhancing their appeal to a broad array of investors.

Backed by the full faith and credit of the Federal Government of Nigeria, these savings bonds present a secure investment opportunity. Interested investors are encouraged to reach out to authorized stockbroking firms for subscription details or to visit the DMO’s website for additional information.

In related news, the previous Federal Government savings bond offer in September 2024 attracted a total of N2.75 billion in successful subscriptions, reflecting a growing interest among investors, with an attractive coupon rate of 18.20%.

For more details on the current bond offer, interested parties can visit the DMO’s official website.