By Charles Kumolu

THE Debt Management Office, DMO, has called on Nigerisans to invest a minimum of N5,000 and maximum of N50million in Federal Government Savings Bond, FGNSB, adding that any amount higher than N50million should be invested in the old bond, known as Federal Government of Nigeria Bond, FGNB.

Acting President Yemi Osinbajo, New NSIA Chairman, Mr Jide Zeithin accompanied by Minister of Finance, Mrs Kemi Adeosun during the Inauguration of Board of Nigerian Sovereign Investment Authority (NSIA) at the State House in Abuja.

It also urged willing subscribers to do so through stockbroking firms trading with the Nigeria Stock Exchange and accredited distribution agents licensed by the DMO.

It also stated that the FGNSB was issued primarily for retail investors with a view to improving savings culture in Nigeria.

These were stated yesterday in Ibadan by the Director General of DMO, Dr. Abraham Nwankwo at a one-day advocacy and sensitisation workshop on the bond attended by representatives of three major tribes in Nigeria.

His words: “We are here in Ibadan to enlighten the public about the Federal Government of Nigeria Savings Bond. The government of Muhammadu Buhari has an economic philosophy of making sure that the economic process is inclusive. As Nigeria recovers from recession and grows, nobody should be left behind.

Which means even Nigerian, no matter their income level will have an opportunity to participate in the process of re-activating the economy, and also benefit from the progress that is being made.

“It is in that regard that the Debt Management Office was mandated by the Acting President,   Prof Yemi Osinbajo to ensure that DMO also works along this mandate. The Federal Government of Nigeria has been issuing bonds since 2002 and the purpose is to ensure that government raises additional money to augment revenue to be able to fund various capital projects in the budget. The budget is always approved by the National Assembly, which means the National Assembly on behalf of the people of Nigeria takes a decision and approves that money should be borrowed.

“So, we have been using the Federal Government of Nigeria Bond in particular to do the borrowing from domestic sources. We also borrow from external sources. However,   based on new philosophy of government, that whatever we are doing should be inclusive, so that when we achieve growth, it will be growth with development because everybody is involved, we have decided to design a new instrument – FGN Savings Bond, which can be accessible to the low income group, such as teachers, artisans, drivers, tomato sellers, market women, plumbers, trade unions and   all types of associations.”