408 Savings Bond Subscribers Share N324.4m

By Adedapo Adesanya

The Debt Management Office (DMO) says N324.4 million was allotted to 408 subscribers during its sale of savings bond in August.

The results of the sales obtained from the DMO website indicated that N81.03 million was allotted for August 2021 at 10.301 per cent. It also indicated that N243.3 million was allotted at 11.301 per cent for the August 2022 papers.

Business Post understands that the savings bond issuance is expected to help finance the nation’s budget deficit.

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

Interests are to be paid at regular periods and principal repaid at maturity. The bonds have a tenure of between two to three years and a minimum size of investment of N5,000 and maximum of N50 million.

The bond is 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.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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