The Debt Management Office (DMO) has reported that the Federal Government’s savings bond subscription since inception in 2017 totalled N45.132 billion by the end of year 2022.
The agency’s Director-General, Patience Oniha, gave these figured at the unveiling and demonstration of a technology-powered securities subscription portal in Lagos.
Oniha noted that the government’s debt management instrument, which was introduced by the DMO in 2017 as a proactive strategy of generating revenues for government, had been doing remarkably well across the nation’s geo-political zones based on the wide acceptance of it among Nigerians.
The debt management expert explained that the stakeholders’ forum was primarily organized for all stakeholders to review the performance of the FGN savings bond and to formally launch the securities subscription portal which, she said, was developed by the DMO in collaboration with the Central Securities Clearing System (CSCS).
She said: “This explains why the Primary Dealers Market, Central Bank of Nigeria, the Securities and Exchange Commission, Nigerian Exchange Limited and stockbroking firms have been invited to this forum.
“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 number of investors”, Oniha added.
She also spoke on the investor sensitization programmes of the Office last year across the country, adding that the strategy is successful as total subscription of FGN savings bond remarkably grew, rising from N8.396 billion in 2021 to N16.589 billion last year.
The DMO boss hinted that based on the impressive outcome of the sensitization programmes on the savings bond, the Office would intensify the sensitization and other publicity initiatives in the years ahead.
