The federal government, through the Debt Management Office on Monday has offered for subscription a two and three year savings bond at 10.344 percent and 11.344 percent respectively.
According to document obtained from the DMO website, the two-year savings bond will be due in June 2020, while that of the three year will be due in June 2021.
The maximum subscription was N50 million at N1, 000 per unit, subject to minimum subscription of N5, 000 and in multiples of N1, 000, with interest to be paid on a quarterly basis.
The Debt office said the bond offer is part of the Federal Government’s programme, targeted at the lower income earners to encourage savings and also earn more income (interest), and compared to their savings accounts with banks.
The savings bond issuance is expected to help finance the nation’s budget deficit.
The bond was fully backed by the full faith and credit of the Federal Government, and charged upon the general assets of the county, will close on Friday 8th June 2018, the DMO said.
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