Planned borrowing represents a 241% jump from the same period last year, with one-year Treasury Bills accounting for the largest share of the programme…..
The Central Bank of Nigeria (CBN) has unveiled plans to raise ₦5.8 trillion through Treasury Bills (TBs) during the third quarter of 2026 as part of the Federal Government’s financing strategy for the 2026 budget.
The amount represents a sharp 241 percent increase compared to the ₦1.76 trillion raised through Treasury Bills during the corresponding period in 2025, highlighting the government’s increased reliance on short-term domestic borrowing.
Details of the programme were contained in the CBN’s Treasury Bills issuance calendar for the third quarter of 2026.
Treasury Bills are short-term debt instruments with maturities of less than one year. They are issued by the Central Bank on behalf of the Federal Government to raise funds, while also serving as a key monetary policy tool for managing liquidity and controlling money supply in the economy.
According to the issuance schedule, the programme commenced on July 1 and will run until September 23, while settlement of successful bids began on July 2 and is expected to conclude on September 24.
The CBN plans to issue ₦900 billion in 91-day Treasury Bills, another ₦900 billion in 182-day instruments, and ₦4 trillion in 364-day bills, making the one-year tenor the dominant component of the borrowing programme.
A month-by-month breakdown shows that the apex bank intends to raise ₦2 trillion in July. The amount comprises ₦300 billion in 91-day bills, ₦300 billion in 182-day bills and ₦1.4 trillion in 364-day instruments.
For August, the borrowing target increases slightly to ₦2.1 trillion, with ₦300 billion each allocated to the 91-day and 182-day tenors, while ₦1.5 trillion will be sourced through 364-day Treasury Bills.
In September, the CBN plans to raise the remaining ₦1.7 trillion through the issuance of ₦300 billion in 91-day bills, ₦300 billion in 182-day bills and ₦1.1 trillion in 364-day Treasury Bills.
The aggressive issuance programme underscores the Federal Government’s strategy of relying on the domestic debt market to finance budget obligations, while providing investors with additional opportunities to participate in government-backed fixed-income securities.
