Connect with us

BUSINESS

FG allots N1.2bn in April savings bond sales

Published

on

FG allots N256.23m in November savings bond sales - DMO

The Federal Government on Wednesday allotted N1.2 billion in its April, 2019 and 2020 savings bond sales, the Debt Management Office (DMO), said.

According to the allotment results derived from its website, N419.33 million was allotted at 12.79 per cent with 841 successful subscriptions, to mature in April 2019.

It stated that N868.69 million was allotted at 13.79 per cent with 957 successful subscriptions, to mature in April 2020.

The savings bond issuance is expected to help finance the nation’s budget deficit.

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

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

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

The bonds have a tenor 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.

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

The next offer will open on May 8 and close on May 12, the DMO said.

Nan

NEWSVERGE, published by The Verge Communications is an online community of international news portal and social advocates dedicated to bringing you commentaries, features, news reports from a Nigerian-African perspective. A unique organization, founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favour. The Verge Communications is fully registered with the Corporate Affairs Commission of the Federal Republic of Nigeria as a corporate organization.

Comments
NIGERIA DECIDES

NIGERIA DECIDES

Shell Digital Plan RESPONSIVE600x750
Shell Digital Plan RESPONSIVE600x750
GTB
JoinOurWhatsAppChannel