As part of the Federal Government’s strategy to fund the 2025 budget, the Central Bank of Nigeria has unveiled plans to generate N1.76 trillion through the sale of Treasury Bills in the third quarter of 2025.
This target reflects a 12.8% increase compared to the N1.56 trillion worth of TBs issued in Q3 of 2024.
The apex bank made this known in its recently released Nigeria Treasury Bills Issue Programme for Q3’25.
Treasury Bills are short-term debt securities with maturities of less than one year, which the CBN uses to raise funds on behalf of the Federal Government.
They are also a monetary tool employed by the apex bank to regulate liquidity in the economy.
According to the programme, the issuance of the TBs will begin on July 2 and run through to September 24, 2025. Corresponding settlement dates are scheduled from July 3 to September 25.
Over the three-month period, the CBN intends to auction TBs valued at N340 billion for the 91-day tenor, N230 billion for the 182-day tenor, and N1.19 trillion for the 364-day tenor.
A closer look at the monthly breakdown shows that in July, the bank aims to raise N540 billion through TBs.
This includes N150 billion via 91-day instruments, N40 billion via 182-day notes, and N350 billion via 364-day bills.
For August, a total of N450 billion is expected to be raised, comprising N110 billion from 91-day TBs, N50 billion from 182-day TBs, and N290 billion from 364-day TBs.
In the final month of the quarter, September, the CBN projects the sale of N770 billion in TBs.
This includes N80 billion worth of 91-day bills, N140 billion worth of 182-day bills, and N550 billion worth of 364-day bills.