DMO takes FGN Savings Bond campaign to Ibadan


The Debt Management Office (DMO) has taken the Federal Government of Nigeria Savings Bond (FGNSB) campaign to Ibadan, the Oyo State capital.

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The one-day sensitisation was attended by trade union leaders and associations in the Southwest.

The DMO said Nigerians could subscribe through stockbroking firms at the Nigeria Stock Exchange and its accredited agents.

DMO’s Director-General Dr. Abraham Nwankwo said the bond would empower Nigerians  and that it was to provide opportunity for investors to contribute to national development and boost the saving culture.

Nwankwo, who noted that DMO has a board chaired by the Vice President, explained that Nigerians could invest a minimum of N5,000 and maximum of N50 million in the FGNSB.

He also explained that any amount higher than N50 million should be invested in the old bond, – the Federal Government of Nigeria Bond (FGNB).

“We are in Ibadan to enlighten the public about the Federal Government of Nigeria Savings Bond. The government of Muhammadu Buhari has an economic philosophy of making sure that the economic process is inclusive. As Nigeria recovers from economic recession and grows, nobody should be left behind. Every Nigerian, no matter their income level, will have an opportunity to participate in re-activating the economy, and also benefit from the progress that is being made.

“The DMO has been mandated by Acting President Yemi Osinbajo to ensure that it works along this mandate. The Federal Government  has been issuing bonds since 2002  to ensure that the government raises additional money to augment revenue to fund various capital projects in the budget. The budget is approved by the National Assembly,” Nwankwo said.

He explained that funds are borowed from both internal and  external sources to fund the budget.

“However, based on the new philosophy of the government, that whatever we are doing should be inclusive, so that when we achieve growth, it will be growth with development because everybody is involved. We have decided to design a new instrument – FGN Savings Bond- which can be accessed by the low income group, such as teachers, artisans, drivers, tomato sellers, market women, plumbers, trade unions and  others.

“On a personal level, you will benefit because you will be earning assured and competitive interest rate every quarter. The FGN Savings Bond is offered every month.  The DMO has been given the mandate.

The Minister of Finance, Mrs. Kemi Adeosun, has given us all the support to make sure that we are able to reach Nigerians everywhere. We have been to Kano and Onitsha. We are also in Ibadan. We will continue with other cities. We will go to the local governments and villages.

He said in few weeks, publicity would be on radio stations in  indigenous languages, so that all the grassroots would be mobilized to save and earn income for various purposes, such as building a house, paying school fees in the future, and carry out other projects.

“More importantly, the government is insisting that every economic activity supported by government should be available and accessible to all Nigerians, irrespective of their income level,” he added.

(Edited By Olamide Michael)




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