Connect with us

Money and Fixed Income

Invest Now: DMO Opens March 2024 Savings Bonds for Subscription



2024 Savings Bonds

The Debt Management Office (DMO) has announced the subscription process for two-year and three-year Federal Government of Nigeria bonds for March 2024 with an annual interest rate of up to 16.097%.

DMO disclosed this recently on its official website, noting that the subscription period is set to last for five days, running from March 4 to March 8, 2024.

A further analysis showed that the two-year Federal Government of Nigeria (FGN) savings bond, maturing on March 13, 2026, carries an annual interest rate of 15.097%.

The three-year Federal Government of Nigeria (FGN) savings bond is set to mature on March 13, 2027 with an annual interest rate of 16.097%.

It stated that Bond will open on March 4 and close on March 8, with the settlement date on March 13. Interest payments are scheduled for June 13, September 13, December 13, and March 13 each year.

“Under the Debt Management Office (Establishment) Act 2003 and the Local Loans (Registered Stock and Securities) Act, CAP. L17, LFN 2004 DEBT MANAGEMENT OFFICE on behalf of the FEDERAL GOVERNMENT OF NIGERIA Offers for Subscription and is authorized to receive applications for the Federal Government of Nigeria saving bonds,” it said.

The DMO outlined the subscription units as “N1,000 per unit, subject to a minimum subscription of N5,000, and subsequent multiples of N1,000, with a maximum subscription limit of N50,000,000.”


According to the DMO, the bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It qualifies as government securities within the meaning of Company Income Tax Act (CITA) and Personal Income Tax Act (PIT”) for Tax Exemption for Pension Funds, amongst other investors. The bond is listed in the fixed income wing of the Nigerian Stock Exchange. In addition, it qualifies as a liquid asset for liquidity ratio calculation for banks.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currencies to display