FG bonds over subscribed last month - DMO

Over sixty-five billion Naira of Federal Government bond was subscripted last month.
A statement from the Debt Management Office, DMO, says the amount indicated an over subscription of over fourteen billion Naira.

The statement signed by the Assistant Director and Head of the Corporate Affairs, Mr. Joseph Inokotong said sixty-seven bids amounting to over forty-billion Naira were received for three years tenor, while about twenty-five billion Naira was received for the five years tenor.

According to him, the over subscription is an indication of investor’s confidence in the exercise.

Mr. Inokotong said the sale of the Federal Government bond which was resuscitated in 2003 had achieved the objective of presenting an alternative source of long term financing for the private sector.