The Nigerian Federal Government plans to raise N1.76 trillion in Q3 2025 from Nigerian Treasury Bills (NTBs) to refinance maturing liabilities of N1.98 trillion as per its recent issuance calendar from the Central Bank of Nigeria (CBN).
The NTB programme includes 91-day, 182-day, and 364-day instruments, with a majority of the issuance in the 364-day tenor, consistent with the government’s policy to manage liquidity and short-term debt pressures.
Unbundling the issuance calendar shows that N1.19 trillion will be obtained under 364-day bills, N230 billion under 182-day bills, and N340 billion under 91-day instruments in July and September 2025.
Redemptions under the NTB within the period are anticipated to be N1.34 trillion in 364-day notes, N242.72 billion in 182-day notes, and N400.05 billion in 91-day paper, for a total of N1.98 trillion in redemptions.
The auction cycle begins on 10 July with N250 billion to be offered, divided between N100 billion in 91-day, N20 billion in 182-day, and N130 billion in 364-day bills, synchronized prior to N301.94 billion in maturities due 11 July.
Issue sizes will peak on 4 September with a record N480 billion auction, made up of N350 billion in 364-day paper, N80 billion in 182-day, and N50 billion in 91-day bills, against N324.4 billion in debt maturing.
Other notable auction dates are 24 July (N290 billion), 7 August (N220 billion), 21 August (N230 billion), and 18 September (N290 billion), reflecting determination in meeting short-term funding needs.
