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NEWS

FG Lists N4.214bn April Savings Bonds on NGX

May 17, 2024 • 1 min read

The Federal Government has listed its April 2024 Savings Bonds worth N4.214 billion on the Nigerian Exchange Limited platform.

This was disclosed in the market bulletin signed by Godstime Iwenekhai, head, Issuers Regulation Department of NGX.

The Bonds include FGS April 2026, 1.228 million units valued at N1.228 billion at a coupon rate of 17.046 percent, and FGS April 2027, 2.986 million units worth N2.986 billion at a coupon rate of 18.046 per cent.

According to the debt office, the bonds were backed by the full faith and credit of the Federal Government of Nigeria and were levied against Nigeria’s general assets.

FGN Savings Bonds are issued monthly for tenors of two and three years, with coupons (interest) paid quarterly at a rate specified and publicized by the DMO each month.

The Debt Management Office (DMO) introduced the retail savings bond product on behalf of the Federal Government in 2017 to democratize its bond market activities by making them easily accessible to Nigerians, ensuring continuous development of the domestic market and bridging the infrastructure deficit, which has been a constraint on economic growth.