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DMO Launches Savings Bond Scheme In South-Western Nigeria

DMO Launches Savings Bond Scheme In South-Western Nigeria
  • PublishedMay 18, 2017

The Nigerian government through the Debt Management Office (DMO) has launched a minimum Savings Bond of N5000 monthly in the South West Zone of the country to accommodate the grass root in the running of the economy.

The initiative which had hitherto been enjoyed by the wealthy in the country was launched at Premier Hotel in Ibadan to give the middle class a sense of belonging.

In his address, the Director General of Debt Management Office, Dr Abraham Nwankwo assured all associations present at the event that the scheme is not another “MMM” and that all money borrowed is carefully appropriated by the National Assembly therefore the scheme is safe and secure.

Dr Nwankwo also assured them that change of government or harsh economic atmosphere would not at any time take it’s toll on the scheme.

He further reiterated that savings would be opened first week of every month which would last for five days and interest would be paid on quarterly basis.

While encouraging Nigerians especially teachers, artisans, traders and others present to join the train of the initiative, he assured them that their savings would be kept safe and secured.

The state chairman of Trade Union Congress, Mr Emmanuel Ogundiran described the initiative as a welcome idea but for the irregular payment of worker’s salaries which may eventually shut them out of the scheme.

Mr Ogundiran therefore used the medium to appeal to the Federal Government to ensure prompt payment of worker’ salaries and pension.


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