Through the Debt Management Office (DMO), the Federal Government (FG) is issuing two new savings bonds. According to a DMO statement, the first one is a two-year bond with an annual interest rate of 17.23% and a maturity date of January 2027.
The second is a three-year bond that expires in January 2028 and yields an annual interest rate of 18.23%. Because the Federal Government guarantees that the money will be repaid, bonds are extremely safe investments. The DMO states that these bonds will be available for purchase from January 13, 2025, to January 17, 2025.
On January 22, 2025, the government will begin issuing the bonds, and investors will get interest payments every three months in April, July, October, and January. There are certain unique characteristics of these connections. Both personal and business taxes do not apply to them. They can be purchased by trustees and large investors like pension funds.
The cost of each bond is N1,000. You can’t spend more than N50,000,000, but you must spend at least N5,000. The Debt Management Office had earlier announced that the government would issue three N150 billion bonds in September, BrandSpur national news stories report.
