The Federal Government, through the Debt Management Office (DMO), has unveiled two new savings bonds, offering attractive interest rates and tax-free benefits.
The first bond is a two-year savings bond with an annual interest rate of 17.23%, set to mature in January 2027. The second is a three-year bond providing a higher annual interest rate of 18.23%, maturing in January 2028.
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According to the DMO, these bonds are a secure investment option as they are fully backed by the Federal Government. Investors can purchase the bonds between January 13 and January 17, 2025, with operations starting on January 22, 2025. Interest payments will be disbursed quarterly in April, July, October, and January.
The bonds come with notable incentives, including exemption from personal and corporate taxes. Institutional investors, such as pension funds and trustees, are also eligible to subscribe. Each bond is priced at N1,000, with a minimum subscription of N5,000 and a maximum limit of N50,000,000.
This launch follows the DMO’s earlier issuance of three bonds worth N150 billion in September.
