Tuesday, February 21, 2017 6:28 PM / FSDH
We are pleased to introduce to you the FGN Savings Bond, a bond being issued by Debt Management Office on behalf of Federal Government of Nigeria. The bond issuance is part of the Federal Government programme targeted at the lower income earners to encourage savings and also earn more income (interest) when compared to their savings accounts with banks.
FGN Bonds are debt securities (liabilities) of the Federal Government of Nigeria (FGN) backed by the ‘full faith and credit’ of the Federal Government and no default risk, meaning that it is a safe investment where interests will be paid at regular period and principal repaid at maturity.
The bonds will be issued before the end of the first quarter of this year and has a tenor of between two-three years and a minimum size of investment of N5,000 and maximum of N50million.
- Denomination: Minimum subscription of N5,000 and a maximum of N50million.
- Yield: Fixed interest rates which will be paid every quarterly.
- Tenor: Two - Three Years.
- It offers guaranteed returns, and encourages financial inclusion among low income households.
- It enables individuals to enjoy those benefits which accrue to high net-worth investors in the capital market.
- A competitive fixed rate – interest rate.
- The interest incomes earned from the securities are tax exempt.
- The FGN SB Certificate can be used as collateral for loan.
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