President Muhammadu Buhari's administration, that is drawing the curtains by May, has announced another round of borrowings through bonds which the next government will have to inherit from him. The new borrowing plan for 2023 was announced by the Debt Management Office (DMO), in a statement released on Tuesday, calling for subscription for the two Federal Government of Nigeria (FGN) Savings Bonds that have maturity dates in 2025 and 2026 respectively.
January 3, 2023
DMO in the statement announcing the new bond said one is a two-year FGN Savings Bond due in Jan. 11, 2025, at the interest rate of 9.600 percent per annum. The statement partly read, “They are offered at N1,000 per unit subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.The debt management office further stated that the FGN Savings Bonds qualified as securities in which trustees could invest under the Trustee Investment Act.
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