FG Lists N4.214bn April Savings Bonds On NGX

The Federal Government has listed its April 2024 Savings Bonds worth N4.214bn on the Nigerian Exchange Limited (NGX) platform on May 13, 2024.

A market bulletin signed by the Head, Issuers Regulation Department of NGX, Godstime Iwenekhai notifying Trading License Holders gave the details of the Bonds as FGS April 2026, 1.228m units valued at N1.228bn at a coupon rate of 17.046%; and FGS April 2027, 2.986m units worth N2.986bn at a coupon rate of 18.046%.

The bonds, he explained, are backed by the full faith and credit of the Federal Government of Nigeria and charged upon the general assets of Nigeria, according to the debt office.

FGN Savings Bond, the NGX said in a statement, is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the Debt Management Office (DMO) monthly.

Recall that the retail savings bond product was introduced by the DMO on behalf of the Federal Government in 2017 to enhance transparency in the bond market by making it easily accessible to Nigerians as part of ensuring continuous development of the domestic market and bridge infrastructure deficit which has been a constraint to economic growth.