DMO resumes FGN savings bond auctions as economic activities pick up

The Debt Management Office (DMO) on Thursday announced that it has resumed monthly auctions for the Federal Government Savings Bond (FGN Savings Bond) effective August 2020, as economic activities pick up after tight Covid-19 restrictions.

The DMO had suspended the monthly offers in April 2020 as government placed restrictions on activities and movement to curtail the spread of COVID-19 pandemic.

“The first Offer for subscription for the bonds after four months of suspension will open on Monday, August 10, 2020 and close on Friday, August 14, 2020,” the federal debt office said in a mailed note on Thursday, as it urged the general public to “look out for the advert of the Offer for Subscriptions in various newspapers and its website.

The DMO also encouraged investors to continue saving through the FGN Savings Bond, as they attract good incomes and are secure, being a Sovereign instrument,
whilst also, contributing to national development.

Recall that the debt office had assured at the time that the suspension of the April 2020 Offer will not affect Coupon Payments due to investors for already issued FGN Securities. It said government had made arrangements to ensure that all Coupon Payments for and redemptions of FGN Securities are made as and when due to investors’ designated accounts.