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DMO Opens FG Savings Bond Subscription At 18.06%

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The Debt Management Office has opened subscriptions for two Federal Government’s savings bonds, each priced at N1,000 per unit at 17.06 and 18.046 per cent, respectively.

It disclosed this in a statement accessed on its website by PUNCH on Wednesday.

The DMO offered a two-year savings bond expected to mature on April 9, 2026, at 17.046 per cent per year.

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This bond is designed for retail investors and offers guaranteed quarterly interest payments along with repayment of the principal at maturity.

READ ALSO: Adeleke Lists New Retirement Age Conditions For Osun Teachers

The second is a three-year savings bond due to mature on April 9, 2027, at an interest rate of 18.046 per cent.

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Similar to the two-year bond, this option also provides quarterly interest payments and principal repayment.

DMO is a government agency established to centrally coordinate the management of Nigeria’s debt.

Investor interest in the FGN Savings Bond has been on the rise, with a 19.3 per cent Year-on-year increase in subscription value, reaching N17.9bn by the end of December 2023, largely due to favorable interest rates.

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These savings bonds, like all government securities, are backed by the full faith and credit of the federal government. They also qualify as securities under the Trustees Investment Act.

Additionally, they meet the criteria for tax exemption and are considered government securities according to the Company Income Tax Act and Personal Income Tax Act.

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The bonds are listed on the Nigerian Exchange Limited and serve as liquid assets for banks’ liquidity ratio calculations.

The subscription period for these bonds began on April 1, 2024, and it will close by April 5, 2024.

READ ALSO: UK Varsities To Layoff Workers, As Enrolment By Nigerians, Others

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The settlement date is April 9, 2024, while the coupon payment dates are as follows: Quarterly – July 9, October 9, January 9, and April 9.

The DMO noted that “the minimum subscription is N5,000, with multiples of N1,000 thereafter, up to a maximum of N50 million. Interest is paid quarterly, and the principal is repaid as a bullet payment upon maturity.”

Earlier, DMO initiated the subscription process for two-year and three-year Federal Government of Nigeria bonds for March 2024 with an interest rate of up to 16.097 per cent.

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This announcement was made in a statement on the DMO’s official website. The subscription period is set to last for five days, running from March 4 to March 8, 2024.

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New Tax Laws: Suspend January 2026 Implementation — Senator Ndume Tells Tinubu

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Former Senate Leader, Ali Ndume has appealed to President Bola Ahmed Tinubu to suspend the January 1, 2026, implementation of the country’s new tax laws amid growing controversy.

The federal lawmaker made the appeal in a statement he issued on Wednesday in Abuja.

This comes as the Nigerian Bar Association demanded the suspension of the implementation.

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Recall that a member of the House of Representatives, Abdussamad Dasuki, had last week called the Parliament’s attention to alleged alteration to the tax laws.

READ ALSO:FIRS Confirms NIN As Tax ID

Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, in an interview on Arise Television on Wednesday, called for calm over claims of alterations in tax laws and urged Nigerians to allow lawmakers to complete their investigation before drawing conclusions.

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Speaking on the ongoing controversy about the tax laws, Ndume noted that proceeding with the implementation without getting to the root of the alleged forgery will create a legitimacy challenge for the tax laws.

His statement read, “With the controversy surrounding it, the President should constitute a team to verify the veracity of the claim and act accordingly.

“As the responsive leader that he has always been, he should look at it to find out if the copy that was signed and the claim of alterations are genuine so that he will do the needful to bring the controversy to rest.

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“If not, the controversy will continue.” That is to say, the tax law will not be implemented, because you can’t build on nothing.

“So, Mr. President should suspend the implementation until the issues are resolved because so many civil society organizations, the Arewa Community, and the Nigerian Bar Association are saying that he should withdraw the tax law and investigate the allegation of forgery.”

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“Therefore, Mr President should get to the root of the allegation of forgery. The small committee that will be set up should look into it while the House of Representatives does its own.”

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Tambuwal Engages Security Agencies As US Airstrikes Hit Own LG In Sokoto

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Senator Aminu Waziri Tambuwal, representing Sokoto South, has called on residents of Sokoto State to remain calm following reports of United States airstrikes targeting ISIS-linked terrorists on Christmas Day.

In a statement posted on his personal X account, the former Sokoto State governor said he was aware of reports concerning the airstrikes, which marked a direct US military action in Nigeria based on intelligence about ISWAP threats, and urged citizens to remain law-abiding while authorities clarify the situation.

“I have noted the reports concerning an airstrike carried out as part of ongoing counterterrorism efforts through cooperation between the federal government of Nigeria and the United States,” Tambuwal said. “I urge our communities to remain calm and law abiding as relevant authorities clarify the circumstances surrounding the operation.”

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READ ALSO:US Dept Of War Shares Video Of Air Strikes In Nigeria

Tambuwal assured constituents that he was engaging with relevant security agencies to obtain full details of the operation and to ensure that necessary things were in place to protect civilians.

I wish to assure the people of Sokoto South that I am in active talks with relevant security authorities to obtain full details and ensure that all necessary safeguards are upheld,” he added.

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The senator emphasised that counterterrorism operations were aimed strictly at criminal and terrorist elements threatening public safety, not innocent civilians who are often victims of insecurity. He stressed that the protection of civilian lives must remain central to all legitimate security actions.

He further called on community leaders, traditional institutions and residents to work closely with security agencies by sharing credible intelligence and resisting misinformation capable of causing fear or heightening tension.

 

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Rep Moore Confirms 12 Tomahawk Missiles Launched In Sokoto

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No fewer than 12 Tomahawk missiles were on December 25 launched against terrorists in Sokoto State by the United States military.

Rep Riley M. Moore, the lawmaker representing Virginia’s Second District in the Congress, confirmed this in an interview with Fox News.

The US military operated in Sokoto State on Christmas night, bombing terrorists killing innocent people in parts of Nigeria.

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READ ALSO:Trump’s Airstrikes: Halt Military Cooperation With US Immediately – Sheikh Gumi Tells Tinubu Govt

Some security analysts claimed on Friday that the operation was unsuccessful and had no significant impacts on the targeted terrorists.

According to them, the airstrikes landed in safe places including farms where there was no history of terrorists’ hideout.

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But details began to emerge on Friday night, indicating that several terrorists were killed during the joint operations between the US army and it’s Nigerian counterpart.

READ ALSO:Nigerian Ringleader Of Nationwide Bank Fraud, Money Laundering Jailed In US, Says FBI

Moore said: “This year, thanks to President Trump, Radical Islamic Terrorists were on the receiving end of 12 Tomahawk missiles as a present.

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“The successful strikes on ISIS, in coordination with the Nigerian government, is just the first step to secure the country and end the slaughter of our brothers and sisters in Christ”.

DAILY POST reports that residents of Sokoto State have been panicking since the US military operation.

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