FGNSB is introduced to empower Nigerians – DMO
Director General of Debt Management Office (DMO), Dr. Abraham Nwankwo, has said the administration of President Muhammadu Buhari is set to empower every Nigerian economically with the newly introduced Federal Government of Nigeria Savings Bond (FGNSB).
He made the disclosure in an interview with journalists shortly after a grassroots sensitisation workshop on the FGNSB held at Premier Hotel, Ibadan, on Friday.
According to him, the FGNSB is a bond issued by the Federal Government primarily for retail investors with a view to providing opportunity for investors to contribute to national development as it improves the savings culture in Nigeria.
Nwankwo, who noted that DMO has a board that is always chaired by the Vice President of the country, explained that Nigerians can invest a minimum of N5,000 and maximum of N50 million in FGNSB, adding that any amount higher than N50 million should be invested in the old bond known as Federal Government of Nigeria Bond (FGNB).
His words: “We are here in Ibadan to enlighten the general public about the FGNSB. The government of Muhammadu Buhari has an economic philosophy of making sure that the economic process is inclusive. As Nigeria recovers (from economic recession) and grows, nobody should be left behind, which means every 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 DMO has been mandated by the Acting President, Prof. Yemi Osinbajo, to ensure that DMO also works along this mandate. The Federal Government 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.
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