FG to borrow N5.8trn through treasury bills sales

By Elizabeth Adegbesan

As part of the Federal Government’s (FG) borrowing plan for the 2026 budget, the Central Bank of Nigeria (CBN) has issued Treasury Bills (TBs) to raise N5.8 trillion in the third quarter of 2026 (Q3’26).

This represents a 241 percent year-on-year (YoY) increase when compared to N1.76 trillion sold in Q3’25.

CBN disclosed this today in its Nigeria Treasury Bills Issue programme for Q3’26.
Treasury Bills are short-term (less than one year) debt instruments used by the apex bank to borrow money from the public on behalf of the federal government.
CBN also uses TBs to control money supply in the economy.
The TB issue programme commences on July 1st and ends on September 23rd, 2026.
The settlement date begins on July 2nd and ends on September 24th, 2026.
During the period, the apex bank will issue TBs worth N900 billion on a 91-day tenor, N900 billion on an 182-day tenor, and N4 trillion on a 364-day tenor.
A breakdown of the programme revealed that in July, the apex bank plans to issue N2 trillion in TBs, comprising N300 billion in 91-day bills, N300 billion in 182-day bills, and N1.4 trillion in 364-day bills.
In August, the apex bank issued N2.1 trillion in TBs, comprising N300 billion in 91-day bills, N300 billion in 182-day bills, and N1.5 trillion in 364-day bills.
In September, CBN plans to sell N1.7 trillion worth of TBs, comprising N300 billion worth of 91-day bills, N300 billion worth of 182-day bills, and N1.1 trillion worth of 384-day bills.

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