FG begins sale of 2, 3 year savings bonds at 11. 244%, 12.244% for October

Date:

The Federal Government on Monday offered for subscription two-year savings bond at 11.244 per cent and three-year savings bond at 12.244 per cent per annum, the Debt Management Office (DMO) has said.

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According to the offering circular obtained from the DMO website, the two-year bond will be due in October 2021 while the three-year bond will be due on October 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 a minimum subscription of N5,000 and in multiples of N1,000.

The website 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.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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