Wednesday , September 23 2020

FG allots N438m to 469 savings bond subscribers in June– DMO

Abuja – The Federal Government says it allotted N438 million to 469 subscribers during its sale of savings bond in June.

The results of the sales obtained from the website of the Debt Management Office (DMO) on Friday in Abuja, showed that N108.8 million was allotted for June 2021 at 11.41 per cent.

It also indicated that N329.2 million was allotted at 12.41 per cent for the June 2022 papers.

The News Agency of Nigeria (NAN) reports that savings bond issuance was expected to help finance the nation’s budget deficit.

The bond issuance was part of the Federal Government’s programme targeted at lower income earners to encourage savings and also earn more income (interest) compared to their savings accounts with banks.

The bonds were debt securities (liabilities) of the Federal Government, backed by its ‘full faith and credit.’

Interests were to be paid at regular periods and principal repaid at maturity.

The bonds had a tenure of between two to three years and a minimum size of investment of N5, 000 and maximum of N50 million.

The bond was aimed at deepening national savings culture, diversifying funding sources for the government and providing opportunity to all citizens, irrespective of income level to contribute to national development.

It would also enable all citizens to participate and benefit from the favourable returns available in the capital market.

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