DMO Resumes Savings Bond Issuance Four Months After Suspension

The Debt Management Office on Thursday said it has lifted the suspension on the issuance of the FGN Savings Bond.

The lifting of the suspension is coming exactly four months after the government placed a ban on the issuance of the debt securities.

The DMO had in April suspended the bond offer following restrictions associated with the outbreak of the COVID-19 pandemic.

The DMO in a statement on Thursday said that the debt securities will be on offer from next Monday.

FGN Savings Bond is specifically targeted at retail investors and includes a guaranteed interest payment and repayment of the principal.

It is usually issued by the DMO on behalf of the Nigerian government.

The statement reads in part, “The Debt Management Office wishes to announce the resumption of its Offer of the Federal Government of Nigeria Savings Bond (FGN Savings Bond) effective August 2020.

“The DMO was constrained to suspend the monthly offers of the FGN Savings Bond in April 2020 due to the restrictions on activities and movement as part of measures adopted by the government to curtail the spread of COVID-19.”

It urged the general public to look out for the advertisement of the offer for subscriptions on the DMO’s website.

“The Offer for Subscription will open on Monday, August 10, 2020 and close on Friday, August 14, 2020,” the statement added

It encouraged investors to continue saving through the FGN Savings Bond, as they attract good incomes and are secure.

It said being a sovereign instrument,the debt securities would also contribute to national development.