On Thursday, July 10, 2025, the Central Bank of Nigeria (CBN) unveiled plans to raise N1.76 trillion through the issuance of Nigerian Treasury Bills (TBs) in the third quarter of 2025 to finance the Federal Government’s 2025 budget. This marks a 12.8 percent increase from the N1.56 trillion raised in the same period of 2024. Treasury Bills, short-term debt instruments with maturities under one year, serve as a tool for the CBN to borrow on behalf of the government and regulate money supply. The issuance program, which began on July 2, 2025, and will conclude on September 24, 2025, with settlements from July 3 to September 25, includes N340 billion in 91-day bills, N230 billion in 182-day bills, and N1.19 trillion in 364-day bills. In July, the CBN targets N540 billion, comprising N150 billion in 91-day bills, N40 billion in 182-day bills, and N350 billion in 364-day bills. August’s issuance aims for N450 billion, with N110 billion in 91-day bills, N50 billion in 182-day bills, and N290 billion in 364-day bills. In September, the CBN plans to issue N770 billion, including N80 billion in 91-day bills, N140 billion in 182-day bills, and N550 billion in 364-day bills. High investor demand for TBs persists due to attractive yields amid 20.2% inflation, though concerns linger over rising interest costs, projected at N1.55 trillion in 2024, impacting fiscal sustainability.
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