COVID-19: DMO Suspends April 2020 FGN Savings Bond Offer

The Debt Management Office (DMO) has allegedly suspended the Federal Government  Savings Bond Offer, which was slated for the month of April 2020.

Naija News learnt the office of the DMO who disclosed in a press statement yesterday said the FGN Savings Bond Offer for the month of April was suspended due to the effects of the COVID-19 pandemic.

Recall that President Muhammadu Buhari, during a nationwide broadcast on the Coronavirus disease (COVID-19), yesterday announced restriction of movement and shut down of public and private institutions in the Federal Capital Territory (FCT), Lagos and Ogun States. The restriction of movement was based on the need to keep Nigerians safe and contain the spread of the coronavirus disease.

Part of the statement read, “The Debt Management Office (DMO) wishes to inform the general public that the FGN Savings Bond Offer for the month of April 2020, which was scheduled for April 6 – 10, 2020 has been suspended’’. ‘The DMO wishes to assure the general public that the FGN Savings Bond Offers will resume when the conditions change.”

However, the DMO noted that the suspension of the April 2020 Offer would not affect Coupon Payments due to investors for already issued FGN Securities, as arrangements had been made to ensure that all Coupon Payments for and redemptions of FGN Securities were made as and when due to investors’ designated accounts.

The DMO also said that it wished to use the opportunity to call on the general public to adhere strictly to Mr President’s directives and cooperate with relevant Government Agencies that are working assiduously to contain the spread of the Covid-19.

About FGN Savings Bonds: They are debt securities of the Federal Government and issued by the Debt Management office for and on behalf of the Federal Government. They have no default risk, which means that the repayment of the principal and interest is assured.