Treasury bill subscriptions fall as apex bank tightens control over government securities market
The Central Bank of Nigeria (CBN) raised ₦15.3 trillion from the Nigerian Treasury Bills (NTBs) market in 2025 to help the federal government bridge its budget deficit, marking a 15 percent increase from the ₦13.3 trillion raised in 2024, according to data obtained from the apex bank.
Treasury bills, short-term debt instruments issued at a discount, are used by the government to cover budget gaps and fund development projects, with repayment made at par value upon maturity.
The CBN’s data also revealed that the total amount of NTBs offered for subscription in 2025 rose to ₦12.8 trillion, a 60.2 percent increase compared with ₦7.99 trillion in 2024.
Despite the larger volume offered, investor subscriptions declined, reflecting the impact of lower yields on investor appetite. Total subscriptions in 2025 stood at ₦36.63 trillion, representing a 5.47 percent decrease from ₦38.75 trillion recorded in 2024.
In a move to assert greater oversight of the government securities segment, the CBN announced on November 15 that it would implement a new system requiring all NTB auction submissions to be processed through its S4 electronic interface, effective from November 20. This measure is part of the apex bank’s effort to centralise and streamline the fixed-income market operations.
The developments reflect a balancing act by the CBN: raising larger sums to finance the federal budget while managing the fixed-income market amid declining investor enthusiasm for lower-yield instruments.
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