The Federal Government is aiming to raise N1.76 trillion between July and September 2025 through the sale of Treasury Bills, according to a schedule released by the Central Bank of Nigeria (CBN). This move is part of efforts to finance the 2025 national budget and manage liquidity in the economy.
The new figure marks a 12.8% increase compared to the N1.56 trillion raised during the same period in 2024. Treasury Bills, which are short-term debt instruments with durations of less than one year, allow the government to borrow funds from the public through the CBN. They are also used by the apex bank to regulate money supply.
According to the issuance programme, the sales began on July 2 and will continue until September 24, with settlement dates ranging from July 3 to September 25, 2025. During this period, the CBN plans to offer N340 billion in 91-day bills, N230 billion in 182-day bills, and N1.19 trillion in 364-day bills.
A monthly breakdown shows that in July, the bank intends to raise N540 billion: N150 billion from 91-day bills, N40 billion from 182-day bills, and N350 billion from 364-day bills. In August, N450 billion will be offered, made up of N110 billion in 91-day, N50 billion in 182-day, and N290 billion in 364-day tenors. September will see the highest sale, with a target of N770 billion: N80 billion in 91-day, N140 billion in 182-day, and N550 billion in 364-day Treasury Bills.
This borrowing strategy aligns with the Federal Government’s budgetary plans and signals a continued reliance on domestic debt instruments to bridge funding gaps.
