FG to borrow N1.76trn through treasury bills sales in Q3’25

As part of the Federal Government’s borrowing plan for the 2025 budget, the Central Bank of Nigeria, CBN, has started selling Treasury Bills, TBs, to raise N1.76 trillion in the third quarter of 2025 (Q3’25).
The TB issue programme commences on July 2, and ends on September 24, 2025.
This represents a 12.8 percent year-on-year (YoY) increase when compared to N1.56 trillion sold in Q3’24.
The apex bank made the disclosure in its Nigeria Treasury Bills Issue programme for Q3’25.
The TB issue programme commences on July 2, and ends on September 24, 2025.
Treasury Bills are short term (less than one year) debt instruments used by the apex bank to borrow money from the public on behalf of the federal government.
CBN also uses TBs to control money supply in the economy.
The settlement date begins on 3rd July and ends on 25th September, 2025.
During the period, the apex bank will issue TBs worth N340 billion on 91 days tenor, N230 billion on 182 days and N1.19 trillion on 364 days.
A breakdown of the programme revealed that in July, the apex bank plans to sell N540 billion worth of TBs, comprising N150 billion worth of 91 days bills, N40 billion worth of 182 days bills and N350 billion worth of 364 bills.
In August, the apex bank plans to sell N450 billion worth of TBs, comprising N110 billion worth of 91 days bills, N50 billion worth of 182 days bills, and N290 billion worth of 364 days bills.
In September, the CBN plans to sell N770 billion worth of TBs comprising N80 billion worth of 91 days bills, N140 billion worth of 182 days bills and N550 billion worth of 384 days bills.