AGS NEWS – The Federal Government has officially listed its April 2024 Savings Bonds, worth N4.21 billion, on the Nigerian Exchange Limited (NGX).

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

According to the bulletin, the April 2024 Issue of the Federal Government of Nigeria (FGN) Savings Bonds was listed on NGX on May 13, 2024.

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The details provided include the FGS April 2026 bonds, totaling 1.228 million units valued at N1.23 billion, with a coupon rate of 17.046 percent.

The FGS April 2027 bonds amount to 2.986 million units valued at N2.99 billion, with a coupon rate of 18.046 percent.

These bonds are secured by the full faith and credit of the Federal Government of Nigeria and are backed by the general assets of Nigeria, as stated by the debt office.

The FGN Savings Bond is issued monthly in two- and three-year tenors, with quarterly coupon payments determined and published by the Debt Management Office (DMO) every month.

This retail savings bond product was introduced by the DMO on behalf of the Federal Government in 2017 to democratize bond market activities, making them easily accessible to Nigerians.

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This initiative aims to facilitate the continuous development of the domestic market and address infrastructure deficits that hinder economic growth.

In a separate development, the Federal Government raised approximately N380.76 billion in a bond auction conducted on Monday, representing a 39 percent decline compared to the proceeds from the April FGN bond auction.