DMO Urges Nigerians to Invest in FG Savings Bond

Ibrahim Shuaibu in Kano

The Director General of the Debt Management Office (DMO), Dr. Abraham Nwankwo has advised Nigerians to take advantage of the Federal Government’s Savings Bond and invest in the scheme.

Nwankwo said this was necessary in view of the benefits Nigerians stand to gain especially in the areas of poverty reduction, job opportunities in addition to guaranteeing fixed income.

Speaking at a One-day Grassroots Advocacy/Sensitisation Campaign on the Federal Government Savings Bond held in Kano on Thursday, the Director General explained that the new investment opportunity would also guarantee quarterly interest payments.

He said the investment can be used to secure loan facilities, pay school fees and build own houses.

“The Federal Government Savings Bond can be traded at secondary market and is good for savings towards retirement, marriage, school fees and house projects, among other benefits, he added.

Besides, he said the savings bond would also give every Nigerian the opportunity to invest or participate in the programme with a view to enhancing their socio-economic status.

“The minimum subscription amount is N5,000 with additions in multiples of N1, 000, subject to a minimum of N50 million.

“Investors are not required to pay fees or charges to distribution agents when subscribing for the FGN savings bond in the primary market,” Nwankwo added.

In the same vein, the Director, Management Department of the DMO, Dr. Oladele Afolabi urged Nigerians to make the best use of the new opportunity as it is a secure investment with the federal government with no risk of default.

“Interest income is paid quarterly directly into the bondholders account and investors can sell for cash in the secondary market before maturity”, he explained.

The programme, which was flagged off in Kano, would also be extended to other major cities across the country.