FGN savings bonds: DMO DG says about 7,000 investors subscribed

The Director-General, Debt Management Office (DMO), Ms Patience Oniha, has said that about 7,000 investors have subscribed to the Federal Government’s savings bonds since its introduction in March. Oniha told the News Agency of Nigeria (NAN) yesterday in Abuja that one of the primary reasons for introducing the savings bonds was to encourage savings culture […]

The Director-General, Debt Management Office (DMO), Ms Patience Oniha, has said that about 7,000 investors have subscribed to the Federal Government’s savings bonds since its introduction in March.

Oniha told the News Agency of Nigeria (NAN) yesterday in Abuja that one of the primary reasons for introducing the savings bonds was to encourage savings culture among the populace.

She said considering that the subscribers were largely retail investors, it meant that the savings bonds had provided a vehicle for mobilising savings.

The DMO boss said it would continue to support the product and attract more subscriptions through investor enlightenment.

The bond allotment results obtained from the DMO website showed that in March, N2.068 billion was allotted to 2,575 investors, while in April, N1.2 billion was allotted to 1,798 subscribers.

In May, N790.85 million was allotted to 1,233 subscribers, while in June N607.26 million was allotted to 921 subscribers.

In July, N400.5 million was allotted to 779 investors, while in August there was an upward improvement to N738.14 million allotted to 761 subscribers. (NAN)