By Modupe Gbadeyanka
About N343.1 million was realized by the Debt Management Office (DMO) for the Federal Government of Nigeria (FGN) Savings Bond offered for the month of July 2018.
The debt office made this disclosure on Wednesday on its website while releasing results of the exercise, which was conducted from Monday, July 2, 2018 to Friday, July 6, 2018.
A look at the results by Business Post showed that for the 2-Year FGN Savings Bond due July 11, 2020 at 10.483 percent per annum, the DMO raised N79.98 million, while N263.06 million was made from the 3-Year FGN Savings Bond due July 11, 2021 at 11.483 percent per annum.
The FGN Savings Bond, introduced in March 2017, is a safe and rick-free bond backed by the full faith and credit of the Federal Government of Nigeria, with quarterly coupon payments to bondholders.
Every month, the debt office, on behalf of the Nigerian government, give Nigerians the opportunity to subscribe for the bond.
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 to their savings accounts with banks.
A further look at the results released yesterday by the DMO indicated that during this’s month exercise, there were 288 successful subscriptions.
