The Debt Management Office, on behalf of the Federal Government, has announced an offer of two FGN savings bonds for subscription at N1,000 per unit. The announcement was made in a statement released on Tuesday in Abuja.

The first offer is a two-year FGN bond due on October 14, 2028, with an interest rate of 13.071 per cent per annum. The second is a three-year FGN bond due on October 14, 2029, carrying an interest rate of 14.071 per cent per annum.

The offer opened on October 5 and closes on October 9, with settlement scheduled for October 14. Coupon payments will be made on January 14, April 14, July 14 and October 14. Investors can subscribe to a minimum of N5,000 and in multiples of N1,000 thereafter, up to a maximum of N50 million.

Interest on the bonds is payable quarterly, while the principal will be repaid in full on the maturity date. The DMO said the savings bonds, like all other Federal Government securities, are backed by the full faith and credit of the Federal Government and charged upon the general assets of Nigeria.

The bonds qualify as securities in which trustees can invest and are listed on the Nigerian Exchange. They are designed specifically for retail investors, allowing individuals to earn guaranteed returns while lending money to the government for national development.