As part of its borrowing agenda for the 2025 budget, the Central Bank of Nigeria (CBN) has commenced the sale of Treasury Bills (TBs) with the goal of raising N1.76 trillion in the third quarter of 2025 (Q3’25). This figure reflects a 12.8% year-on-year increase compared to the N1.56 trillion issued in Q3’24.
The CBN disclosed this in its Nigeria Treasury Bills Issue programme for Q3’25 yesterday. Treasury Bills are short-term debt instruments, typically maturing in less than a year, used by the apex bank to borrow from the public on behalf of the federal government. They also assist in regulating the money supply in the economy.
The issuance programme will run from July 2 to September 24, 2025, with settlement dates from July 3 to September 25, 2025. During this window, the CBN will issue TBs totalling N340 billion for a 91-day tenor, N230 billion for 182 days, and N1.19 trillion for 364 days.
According to the programme’s breakdown, in July, the CBN plans to sell N540 billion in TBs, which includes N150 billion of 91-day bills, N40 billion of 182-day bills, and N350 billion of 364-day bills. In August, the intention is to sell N450 billion, comprising N110 billion of 91-day bills, N50 billion of 182-day bills, and N290 billion of 364-day bills. Finally, in September, the plan includes issuing N770 billion in TBs, consisting of N80 billion of 91-day bills, N140 billion of 182-day bills, and N550 billion of 364-day bills.
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### Version 3: CBN Targets N1.76 Trillion through Treasury Bills Sales in Q3’25
In preparation for the 2025 budget, the Central Bank of Nigeria (CBN) has launched a programme to sell Treasury Bills (TBs) with a target of raising N1.76 trillion during the third quarter of 2025 (Q3’25). This amount represents a 12.8% increase from the N1.56 trillion sold in the same quarter of the previous year.
The announcement was made by the CBN as part of its Nigeria Treasury Bills Issue programme for Q3’25. Treasury Bills, which are short-term debt instruments with maturities of less than a year, are utilized by the apex bank to borrow from the public on behalf of the federal government, while also serving to manage the money supply in the economy.
The issuance period is set to begin on July 2 and conclude on September 24, 2025, with settlement dates running from July 3 to September 25, 2025. Throughout this timeframe, the CBN will issue TBs worth N340 billion on a 91-day tenor, N230 billion for 182 days, and N1.19 trillion for 364 days.
The detailed breakdown reveals that in July, the CBN plans to issue N540 billion in TBs, which will include N150 billion of 91-day bills, N40 billion of 182-day bills, and N350 billion of 364-day bills. For August, the plan comprises N450 billion in TBs, including N110 billion of 91-day bills, N50 billion of 182-day bills, and N290 billion of 364-day bills. In September, the goal is to sell N770 billion in TBs, consisting of N80 billion of 91-day bills, N140 billion of 182-day bills, and N550 billion of 364-day bills.
