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FG allots N256m in November savings bond sales – DMO

The federal government has allotted N256.23 million in its November, 2019 and 2020 savings bond sales, according to the Debt Management Office (DMO).

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The allotment results, derived from its website yesterday showed that N72.42 million was allotted at 12.09 per cent with 177 successful subscriptions to mature in November 2019.

It stated that N183.81 million was allotted at 13.09 per cent with 244 successful subscriptions to mature in November 2020.

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

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.

The bonds are debt securities (liabilities) of the federal government, backed by its “full faith and credit.”(NAN)

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