RismadarVoice Reporters
July 3, 2026
The Federal Government of Nigeria is set to raise N5.8 trillion through Treasury Bills (TBs) in the third quarter of 2026 as part of its domestic borrowing strategy to finance the 2026 budget.
The planned borrowing represents a 241 per cent increase compared to the N1.76 trillion raised through Treasury Bills during the corresponding period in 2025.
Details of the borrowing programme were contained in the Central Bank of Nigeria’s (CBN) Treasury Bills issuance calendar for the third quarter of 2026.
Treasury Bills are short-term debt instruments with maturities of less than one year, issued by the CBN on behalf of the Federal Government to raise funds from investors. The instruments are also used by the apex bank as a monetary policy tool to regulate liquidity and manage money supply in the economy.
According to the issuance schedule, the programme commenced on July 1 and will run until September 23, 2026, while settlement of successful bids will take place between July 2 and September 24.
The CBN plans to issue N900 billion in 91-day Treasury Bills, another N900 billion in 182-day bills, and N4 trillion in 364-day bills during the quarter.
A breakdown of the programme shows that N2 trillion will be offered in July, 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 is scheduled to issue N2.1 trillion, made up of N300 billion each in 91-day and 182-day bills, alongside N1.5 trillion in 364-day instruments.
For September, the CBN plans to raise N1.7 trillion, including N300 billion each in 91-day and 182-day Treasury Bills, as well as N1.1 trillion through 364-day bills.
The expanded Treasury Bills programme reflects the Federal Government’s increased reliance on domestic borrowing to finance budgetary obligations while providing the CBN with an additional instrument for liquidity management and monetary policy implementation.
