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The Federal Government has successfully listed its April 2024 Savings Bonds, valued at N4.21 billion, on the Nigerian Exchange Limited (NGX).
This information was disclosed in a market bulletin signed by Godstime Iwenekhai, the Head of the Issuers Regulation Department at NGX.
According to the bulletin, “Trading License Holders are hereby notified that the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on Nigerian Exchange Limited (NGX) on May 13, 2024.”
The details of the Bonds are as follows: FGS April 2026 consists of 1.228 million units valued at N1.23 billion with a coupon rate of 17.046 percent, while FGS April 2027 comprises 2.986 million units amounting to N2.99 billion at a coupon rate of 18.046 percent.
These bonds are backed by the full faith and credit of the Federal Government of Nigeria and are secured against the general assets of the country, as per the debt office.
The FGN Savings Bond, issued monthly in tenors of two and three years, offers quarterly payment of coupons (interest) at a rate predetermined and published by the Debt Management Office (DMO) every month.
Introduced in 2017 by the Debt Management Office on behalf of the Federal Government, the retail savings bond product aims to democratize bond market activities, making them easily accessible to Nigerians. This initiative seeks to ensure the continuous development of the domestic market and address infrastructure deficits that hinder economic growth.
In a related development, the Federal Government raised approximately N380.76 billion in a bond auction conducted on Monday, representing a 39 percent decline compared to the proceeds from the April FGN bond auction.
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