‘Special Features!’ FG Announces Two Savings Bonds

The Federal Government is offering two new Savings Bonds through the Debt Management Office.

A statement by the DMO listed the first one as a two-year bond that pays 17.23% interest each year and ends in January 2027.

The second is a three-year bond that pays 18.23% interest each year and ends in January 2028.

Bonds are very safe investments because they are backed by the Federal Government, which promises to pay back the money.

According to the DMO, people can buy these bonds starting January 13, 2025, until January 17, 2025.

The government will start the bonds on January 22, 2025, and will pay interest to investors every three months – in April, July, October, and January.

These bonds have some special features. They are tax-free under both company and personal tax laws. Big investors like pension funds and trustees are allowed to buy them. Each bond costs N1,000. You need to buy at least N5,000 worth, but you can’t buy more than N50,000,000 worth.

Earlier, the Debt Management Office had said the government was offering three bonds worth N150 billion in September.

This is coming after the recent move by the Federal Government monitored by OwelekeTV, when the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday during the Islamic Development Bank (IsDB) Governors’ Retreat held in Al-Madinah, Saudi Arabia highlighted that the government has called for bold reforms and smarter investments to address current economic realities.

“The government has urged bold reforms and smarter investments to address current economic realities,” Edun said during the retreat on Monday.

In a press release issued by the ministry’s Director of Information and Public Relations, Mohammed Manga, Edun’s remarks were noted as part of the IsDB’s efforts to gather input for its upcoming 10-year strategy (2026–2035), aimed at achieving greater developmental impact.

“The IsDB must rethink its approach to development financing in response to current economic realities,”

the minister emphasized, adding that the bank should focus on transformative, high-impact projects in infrastructure, agriculture, rail, and energy.

He further called for innovative funding solutions tailored to national priorities and debt dynamics.

“We urgently need a concessional financing strategy that balances development goals with minimal debt accumulation,” Edun stated.

Edun also underscored the importance of robust monitoring systems to evaluate the real impact of the bank’s initiatives, reflecting Nigeria’s commitment to strengthening the IsDB’s role in achieving greater results for its member states.

The retreat featured contributions from Algeria’s Minister of Finance and Chairman of the Board of Governors, H.E. Laaziz Faid, and Saudi Arabia’s Finance Minister, Mohammed Al-Jadaan, who opened the discussions.

The forum served as a platform for governors to provide input and feedback on the IsDB’s strategy, which seeks to address pressing development challenges in a rapidly evolving global landscape.