Fg commences 2019 with attractive savings bonds offer
It seems like you're referring to the Federal Government's (FG) savings bonds offer that commenced in 2019. Here's some information on it:
In 2019, the Federal Government of Nigeria introduced a savings bond scheme aimed at encouraging citizens to save and invest their money. The scheme, which was launched in January 2019, offered attractive interest rates and a relatively low-risk investment option.
Here are some key features of the FG's savings bonds offer:
- Interest Rate: The initial interest rate offered was 12.5% per annum, which was higher than the average interest rate offered by commercial banks in Nigeria at the time.
- Tenor: The bonds had a tenor of 2 years, which means investors could hold the bond for a minimum of 2 years before selling or redeeming it.
- Minimum Investment: The minimum investment amount was N5,000, making it accessible to a wide range of investors.
- Maximum Investment: The maximum investment amount was N50 million per individual.
- Eligibility: The scheme was open to all Nigerian citizens, including individuals, organizations, and institutions.
- Redemption: Investors could redeem their bonds after the 2-year tenor or earlier in case of an emergency.
The FG's savings bonds offer was seen as a way to promote savings culture, reduce reliance on foreign capital, and provide an alternative investment option for Nigerians. However, the scheme has since been discontinued, and the FG has introduced other investment options, such as the Treasury Bills and Sukuk bonds.