Nigerian government urges citizens to invest in Savings bonds

The Debt Management Office (DMO) has advised Nigerians, irrespective of their level of income, to take advantage of the Federal Government’s savings bond and invest in the new opportunity.

The DMO Director-General, Dr Abraham Nwanko, gave the advice at a one-day Grassroots Advocacy/Sensitisation campaign on Federal Government savings bond in Kano on Thursday.

He said the advice was necessary in view of the benefits Nigerians stood to gain, especially in area of poverty reduction and job opportunities, in addition to guaranteeing fixed income.

According to him, the new investment opportunity will also guarantee quarterly interest payments as well as use the investment to secure loan facilities, pay school fees and build their 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 said.

According to him, the Federal Government savings bond will also give every Nigerian the opportunity to invest or participate in programme to enhance their socio-economic status.

The minimum subscription amount is N5,000 with additions in multiples of N1,000, subject to 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, Nwanko said.

The Director, Management Department of the DMO, Dr Oladele Afolabi, urged Nigerians to make the best use of the new opportunity to 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 added.

The programme was attended by various income groups, including associations of market traders, butchers and tricycle operators.

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

Source: Voice of Nigeria