Nigerian govt offers savings bonds at 13.5% in August

Nigeria's ministry of finance building
Nigeria's ministry of finance building

The Federal Government on Monday offered for subscription a two-year savings bond at 13.535 per cent and three-year savings bond at 14.535 per cent.

The Debt Management Office, DMO, stated on its website that both bonds would be due in August 2019.

It, 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 and in multiples of N1,000.

According to DMO, the bond is 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 low-income earners to encourage savings and earn more interest on savings, compared to what was accrued on their bank savings.

The offer closes on Friday.

(NAN)


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