Business Buhari Rolls Out N5,000 Savings Bonds for Low Earning Nigerians



The Muhammadu Buhari administration will start selling the first tranche of its newly introduced Federal Government of Nigeria Savings Bond (FGNSB) today.

The savings bond will bear all the regular features of a national bond, including the zero default rate of a sovereign issuance, fixed coupon or interest rate, privileges and exemptions from certain taxes and levies, as outlined by the Central Bank of Nigeria (CBN), Federal Inland Revenue Services (FIRS) and other government ministries, departments and agencies (MDAs).

The bond is deliberately targeted at low income earners. They will be issued with a tenor (period) of between two to three years and a minimum size (amount that can be purchased) of investment of N5,000 and maximum of N50 million.

The interest rate, which will be fixed, will be paid quarterly, enhancing the attraction of the savings bond as grassroots instrument for the public.


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