The Federal Government of Nigeria has listed its April 2024 Savings Bond worth N4.214 billion on the Nigerian Exchange Ltd. (NGX) platform.
The listing was announced by Mr. Godstime Iwenekhai, Head of the Issuers Regulation Department at NGX, in a market bulletin.
Iwenekhai detailed the bonds, including FGS April 2026, consisting of 1.228 million units valued at N1.228 billion, with a coupon rate of 17.046 per cent.
He also stated that FGS April 2027, comprising 2.986 million units amounting to N2.986 billion, with a coupon rate of 18.046 per cent, was listed.
According to him, the bonds are backed by the full faith and credit of the federal government and charged upon the general assets of Nigeria, as outlined by the debt office.
“Trading license holders are hereby notified that the April 2024 issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on NGX on May 13.
“FGN Savings Bond is issued monthly in tenors of two and three years with quarterly payment of coupons (interest) at a rate predetermined and published by the DMO every month,” he said.
Iwenekhai explained that the retail savings bond product was introduced by the Debt Management Office (DMO) on behalf of the federal government in 2017.
He noted that this is to democratise its activities in the bond market by making it easily accessible to Nigerians, to ensure continuous development of the domestic market.
According to him, the product was also aimed at bridging infrastructure deficit, which has been a constraint to economic growth.
