FG nets N343.05m from savings bond sales

A total of N343.05m was made from the sales of savings bond in July.
According to the Debt Management Office (DMO) in a publication on its website yesterday in Abuja, N79.98m was allotted for July 2020 at 10.48 per cent.
The Debt agency revealed that N263.06m was allotted at 11.48 per cent for July 2021 papers.
According to the result, the sales were made after 288 successful subscriptions.
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.
It is expected that savings bond issuance will help fund Nigeria’s budget deficit for 2018.
The bonds are debt securities (liabilities) of the federal government backed by its ‘full faith and credit with interests paid at regular periods and principal repaid at maturity with a tenure of between two to three years and a minimum size of investment of N5, 000 and maximum of N50 million.
It will also enable all citizens to participate and benefit from the favourable returns available in the capital market.

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