Victor EzejaThe Central Bank of Nigeria (CBN) has indicated plans to sell Treasury Bills (TBs) in order to raise N1.76 trillion in the third quarter of 2025 (Q3’25) as part of the Federal Government’s borrowing plan for the 2025 budget.
Comparing this to the N1.56 trillion sold in Q3 of 2024 shows a year-on-year increase of 12.8 per cent.
Join our WhatsApp ChannelThis was made known in the CBN’s publication detailing the Treasury Bill issuance calendar.
The apex bank borrows money from the public on behalf of the federal government through Treasury Bills, which are short-term (less than a year) debt instruments.
Treasury Bills are another tool used by the CBN for controlling money supply in the economy.
According to the CBN’s NTB calendar, the issuance auction, which commences on 2 July, will end on 24 September, while the settlement date begins on 3rd July and ends on 25 September 2025.
The CBN’s publication shows that the programme covers 91-day, 182-day, and 364-day tenors, with the highest concentration of maturities and offerings in the 364-day category.
A total of N340 billion will be offered in 91-day bills, N230 billion in 182-day bills, and N1.19 trillion in 364-day bills between July and September 2025.
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Maturities are projected to reach N400.05 billion for 91-day bills, N242.72 billion for 182-day bills, and N1.34 trillion for 364-day bills, making a total of N1.98 trillion.
The auction cycle begins on 9 July with N100 billion in 91-day bills, N20 billion in 182-day bills, and N130 billion in 364-day bills, totalling N250 billion. They will have maturing obligations of N301.94 billion, which fall due the following day.
According to the issuance calendar, the auctions are expected to continue on a weekly or biweekly basis. The next auction is scheduled for 23 July, with N50 billion in 91-day bills, N20 billion in 182-day bills, and N220 billion in 364-day bills, totalling N290 billion.
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On 6 August, a total of N220 billion will be offered for sale, comprising N60 billion in 91-day bills, N40 billion in 182-day bills and N140 billion in 364-day bills.
The issuance calendar further showed that a total of N230 billion will be issued on 20 August (N50 billion in 91-day bills, N30 billion in 182-day bills and N150 billion in 364-day bills).
Other auction dates include 4 September, when a total of N480 billion will be issued (N50 billion in 91-day bills, N80 billion in 182-day bills, N350 billion in 364-day bills); and 17 September with a total of N290 billion (N30 billion in 91-day bills, N60 billion in 182-day bills, N200 billion in 364-day bills).
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
