FG lists N4.21bn April bonds on NGX

The Federal Government has listed its April 2024 Savings Bonds valued at N4.21bn on the Nigerian Exchange Limited.

This was disclosed in the market bulletin signed by the Head, Issuers Regulation Department of NGX, Godstime Iwenekhai.

The bulletin said, “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.”

Details of the Bonds include FGS April 2026, 1.228 million units valued at N1.23bn at a coupon rate of 17.046 per cent, while FGS April 2027, 2.986 million units amounted to N2.99bn at a coupon rate of 18.046 per cent.

The bonds 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 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.

The retail savings bond product was introduced by the Debt Management Office on behalf of the Federal Government in 2017 to democratise its activities in the bond market by making it easily accessible to Nigerians to ensure continuous development of the domestic market and bridge infrastructure deficit which has been a constraint to economic growth.

Meanwhile, FG raised about N380.76bn in a bond auction conducted on Monday.

However, this amount represents a 39 per cent decline compared to the proceeds from the April FGN bond auction.

-By Oluwakemi Abimbola

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