The Debt Management Office (DMO), on behalf of the Federal Government has announced the offer for subscription of the June 2022 Federal Government Savings Bond to investors.
This disclosure is contained in a circular issued by the DMO and can be seen on its website, noting that there are 2-year and 3-year savings bonds.
A breakdown of the bonds show that the 2-year FGN savings bond will be due on June 15, 2024, at 8.205% per annum and the 3-year FGN Savings Bond which will be due on June 15, 2025, at 9.205% per annum.
Highlights
- Opening Date – June 6, 2021
- Closing Date – June 10, 2021
- Settlement Date – June 15, 2021
- Coupon Payment Dates –September 15, December 15, March 15, June 15
- UNITS OF SALE: N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50,000,000.
The Bond Qualifies as securities in which trustees can invest under the Trustee Investment Act.
It also qualifies as Government securities within the meaning of Company Income Tax Act (“CITA”) and Personal Income Tax Act (“PITA”) for Tax Exemption for Pension Funds, amongst other investors.