FG Receives N45bn Subscription In Five Years -DMO

The Debt Management Office says the Federal Government Savings Bond has received a total subscription of N45.135 billion between 2017 and 2022.

The Director General of the DMO, Patience Oniha disclosed this in Lagos on Tuesday.

She said that the savings bond was specifically designed to encourage retail investors who had done well across the six geo-political zones of the country, going by the numbers.

According to her, it is a product that the DMO introduced in March 2017 to enable retail investors participate in the federal government securities market and promote financial inclusion.

She said that the stakeholders meeting was arranged to review the performance of the FGN Savings Bond and to present the portal.
Oniha said that the DMO worked with the Central Securities Clearing System to develop the portal.

“This explains why the Primary Dealers Market Makers, Central Bank of Nigeria, Securities and Exchange Commission, Nigeria Exchange Limited and stockbroking firms have been invited.

“The DMO believes that the product has more potential than what has been achieved so far, and has for now, identified two ways to achieve much higher volumes and numbers of investors,” she said.

In 2022, the DMO embarked on investor sensitisation programmes across a number of cities in Nigeria.
“This strategy proved successful as total subscription almost doubled from N8.396 billion in 2021 to N16.589 billion in 2022.

“Given this outcome, the DMO plans more of such sensitisation, as well as wider publicity.

“The other strategy is to deploy technology to the process to make the subscription fast, easy and overall, more convenient,” she added.

She said that the portal had been tested with distribution agents for the Savings Bond, adding that the presentation was to expose it to a wider group of stakeholders.

In a paper presentation, Bose Olafisoye from the DMO, said it was introduced as part of market development initiatives of the office.

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