FG Targets ₦1.76tn in Q3 Borrowing via Treasury Bills

The Federal Government, through the Central Bank of Nigeria (CBN), has commenced plans to raise ₦1.76 trillion through the sale of Treasury Bills (TBs) in the third quarter of 2025, as part of its domestic borrowing strategy to fund the 2025 national budget.

According to the Nigeria Treasury Bills Issue Programme for Q3 2025, released by the CBN, the projected borrowing represents a 12.8 percent year-on-year increase from the ₦1.56 trillion raised in Q3 2024.

Treasury Bills are short-term debt instruments (less than one year) issued by the apex bank to borrow on behalf of the federal government and also to regulate liquidity in the financial system.

The TB issuance programme spans from July 2 to September 24, 2025, with settlement dates beginning on July 3 and ending on September 25, 2025.

During the quarter, the CBN plans to raise ₦340 billion through 91-day tenor bills, ₦230 billion through 182-day bills, and ₦1.19 trillion through 364-day bills.

A breakdown of the issuance schedule shows that in July, the apex bank plans to sell ₦540 billion worth of TBs—₦150 billion in 91-day bills, ₦40 billion in 182-day bills, and ₦350 billion in 364-day bills.

In August, a total of ₦450 billion is expected to be raised, including ₦110 billion in 91-day bills, ₦50 billion in 182-day bills, and ₦290 billion in 364-day bills.

For September, the CBN plans to issue ₦770 billion worth of TBs, comprising ₦80 billion in 91-day bills, ₦140 billion in 182-day bills, and ₦550 billion in 364-day bills.

This borrowing strategy forms part of the government’s broader efforts to finance budget deficits, manage liquidity in the economy, and support monetary policy objectives.