Nigeria’s borrowing drive for the 2025 fiscal year has entered a new phase as the Central Bank of Nigeria has opened a massive Treasury Bills programme worth N4.72 trillion for the fourth quarter of 2025. The figure represents a sharp rise from the N1.76 trillion raised in the previous quarter and signals the government’s growing dependence on short term debt to manage its budget needs.
Key Highlights:
The new issuance reflects a one hundred and sixty eight percent rise from the previous quarter.
The programme runs from October 1 to December 24 with settlement between October 2 and December 18.
The CBN plans to issue N700 billion in 91 day bills, N870 billion in 182 day bills and N3.15 trillion in 364 day bills.
October sales reached N1.22 trillion, November N1.35 trillion, while December has a target of N2.15 trillion.
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The Central Bank outlined the plan in its Treasury Bills Issue Programme for the quarter, explaining that the short term instruments remain a key tool for government financing and for regulating liquidity in the economy. Treasury Bills, which mature in less than one year, allow the apex bank to borrow directly from the public on behalf of the Federal Government while also shaping the flow of money in the system.
The programme shows a steady rise in issuance across the three months of the quarter. In October, the bank sold N1.22 trillion across the three tenors. November followed with N1.35 trillion. December carries the largest target with N2.15 trillion, including N1.45 trillion in the longest tenor.
The heavy reliance on the 364 day bills signals an effort to attract more long dated short term funds while maintaining flexibility in the government’s borrowing structure. The programme ends on December 24 with the last settlement date fixed for December 18.
