Govt To Borrow Money From Ordinary Nigerians
Nigerian government has said it plans to borrow money from everyday Nigerians through a savings bond that will start selling by March 13.
The Debt Management Office, which announced this on Wednesday said he bonds will be "good for savings towards retirement, marriage, school fees, house projects,".
Government said it will pay back the money within two to three years maturities with interest paid every three months.
The office did not say how much interest rate it would pay but it may likely pay more than the regular 5 per cent that commercial banks offer on savings account.
The debt office paid 16.5 per cent on the money they borrowed from big businesses last month.
The bond offer will end on Friday March 17, 2016. Those unable to lend in March will still get a chance to lend in April or subsequent months as the bond will be sold every month.
People can lend as low as 5000 Naira but not more than 50 million Naira.
This is part of government effort to borrow money at home and fund more than half its budget deficit, which is expected to reach 2.36 trillion Naira this year.