The Federal Government of Nigeria has raised N2.75 billion through its three-year savings bond, set to mature in September 2027. The bond attracted a coupon rate of 18.20% and recorded 930 successful subscriptions, according to the allotment result for September 2024.
The offer period, which ran from September 2 to September 6, 2024, saw strong investor interest. Investors in the bond will receive quarterly coupon payments on December 11, March 11, June 11, and September 11 until the bond matures on September 11, 2027.
Additionally, the government raised N843.58 million from its two-year savings bond, which will mature in September 2026. This bond attracted 418 successful subscriptions and offered a 17.202% coupon rate. Both bonds will be officially issued on September 11, 2024.
In August, the Debt Management Office (DMO) also offered two savings bonds for subscription, priced at N1,000 per unit. The first was a two-year bond maturing in August 2026, with a coupon rate of 17.373% per annum.
The savings bond program is part of the Federal Government’s efforts to encourage retail investment and support domestic borrowing, providing a secure investment option with regular returns for Nigerian citizens.