Fourth-quarter Treasury Bills issuance surges to N4.72tn as government intensifies short-term borrowing for the 2025 budget….
As part of the Federal Government’s financing plan for the 2025 budget, the Central Bank of Nigeria has announced a major expansion of its Treasury Bills (TBs) programme, unveiling plans to raise N4.72 trillion in the fourth quarter of 2025.
The figure, contained in the CBN’s Nigeria Treasury Bills Issue Programme for Q4 2025 released on Tuesday, represents a 168 per cent increase quarter-on-quarter, significantly higher than the N1.76 trillion raised in Q3 2025.
Treasury Bills are short-term government securities, typically with maturities of less than one year. They are issued by the CBN to raise funds for the Federal Government and to help regulate liquidity in the financial system.
According to the issuance calendar, the programme runs from October 1 to December 24, 2025, with settlement scheduled between October 2 and December 18.
For the quarter, the CBN plans to issue:
- N700 billion in 91-day bills
- N870 billion in 182-day bills
- N3.15 trillion in 364-day bills
A month-by-month breakdown shows the scale of the government’s short-term borrowing drive.
October 2025 Issuance
The CBN sold N1.22 trillion worth of Treasury Bills, comprising:
- N200 billion in 91-day instruments
- N220 billion in 182-day instruments
- N800 billion in 364-day instruments
November 2025 Issuance
The bank raised N1.35 trillion, distributed as:
- N200 billion (91-day)
- N250 billion (182-day)
- N900 billion (364-day)
December 2025 Planned Sales
For December, the CBN intends to issue N2.15 trillion, consisting of:
- N300 billion in 91-day bills
- N400 billion in 182-day bills
- N1.45 trillion in 364-day bills
The aggressive issuance reflects rising government financing needs tied to the 2025 budget, with Treasury Bills expected to play a significant role in bridging short-term funding gaps.
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