FG announces two savings bonds

FG announces two savings bonds

By Fly Cable News

The Federal Government is offering two new Savings Bonds through the Debt Management Office. A statement by the DMO listed the first one as a two-year bond that pays 17.23% interest each year and ends in January 2027.

The second is a three-year bond that pays 18.23% interest each year and ends in January 2028. Bonds are very safe investments because they are backed by the Federal Government, which promises to pay back the money.

According to the DMO, people can buy these bonds starting January 13, 2025, until January 17, 2025. The government will start the bonds on January 22, 2025, and will pay interest to investors every three months – in April, July, October, and January.

These bonds have some special features. They are tax-free under both company and personal tax laws. Big investors like pension funds and trustees are allowed to buy them. Each bond costs N1,000. You need to buy at least N5,000 worth, but you can’t buy more than N50,000,000 worth.

Earlier, the Debt Management Office had said the government was offering three bonds worth N150 billion in September.