The Federal Government is offering two new Savings Bonds through the Debt Management Office.
A statement by the Debt Management Office listed the first one as a two-year bond that pays 17.23% interest each year and ends in January 2027 and 18.23 per cent per annum for the 3-year bond maturing 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, the subscription for the bonds opens on January 13, 2025, and will close on January 17, 2025, with the settlement date set for January 22, 2025. Interest payments will be made quarterly on April 22, July 22, October 22, and January 22.
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These bonds have some special features. They are tax-free under both company and personal tax laws. Buying of the bond is also eligible for investment by trustees, pension funds, and other institutional investors. 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.
