Debt surges as FG raises T-Bill issuance by 114.5% in one year

… to issue N4.7trn in Q4

CBN raises treasury bills by 114.5 percent in one year as it prepares to issue N4.7 trillion in the fourth quarter of 2025, marking a major expansion from the N2.2 trillion it issued in the final quarter of 2024.

The Nigerian Treasury Bills (NTB) issuance programme for the fourth quarter of 2025, released by the apex bank on Friday, sets out a detailed calendar of auctions, maturing bills and offer amounts, showing a total maturity profile of more than N3.63 trillion and fresh offers projected at N4.72 trillion for the period. Treasury Bills, are short-term, low-risk debt securities issued by the government.

Analysts at Parthian Securities said trading volumes remained mild as investors digested the updated NTB issuance calendar and assessed suitable entry levels across the curve. The CBN programme covers auctions for the months of October, November and December 2025 across the 91-day, 182-day and 364-day tenors, with maturities and offers shifting from week to week depending on the volume of bills falling due.

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The data showed that the first auction of the quarter, scheduled for October 1 and settled on October 2, had no maturities and no new issuance. Activity resumed in the following week when the October 8 auction, settled on October 9, recorded total maturities of N230.66 billion across all three tenors. This consisted of N59.84 billion for the 91-day, N105.79 billion for the 182-day and N65.03 billion for the 364-day bills. The CBN placed N570 billion on offer during this window, with N100 billion for the 91-day, N120 billion for the 182-day and N350 billion for the 364-day instruments.

That pattern of active and quiet weeks continued through the quarter. The October 22 auction, settled on October 23, saw maturities rise to N378 billion, driven by N352.17 billion in 364-day bills, while the shorter tenors recorded N13.11 billion and N12.72 billion respectively. The CBN maintained an offer size of N650 billion for that week. The October 29 auction again recorded no maturities and no issuance.

In November, maturities climbed sharply. The November 5 auction, settled on November 6, recorded N662.76 billion in maturing bills, dominated by N608.93 billion in the 364-day segment, with the offer size remaining at N650 billion. The November 19 auction, settled on November 20, showed maturities of N689.55 billion comprising N7.70 billion in the 91-day, N41.13 billion in the 182-day and N640.71 billion in the 364-day papers. For that window, the CBN increased issuance to N700 billion, lifting the 182-day tenor to N150 billion.

Read also: Debt costs surge 164% as Nigeria spends more on T-Bills, bonds

December opened with one of the highest maturity levels of the quarter, as the auction of December 3, settled on December 4, recorded N805.89 billion in maturities, including N741.15 billion in 364-day bills. The offer amount for the week stood at N700 billion. A week later, the December 10 auction recorded only 364-day maturities amounting to N512 billion, with the CBN issuing N750 billion in new paper. On December 17, maturities dropped to N70.86 billion, while the offer amount returned to N700 billion. The final maturity for the period falls on December 24, involving N281.53 billion in 364-day bills, although no auction is scheduled for that date.

Total maturities for the quarter include N161.01 billion in the 91-day tenor, N268.71 billion in the 182-day tenor and N3.20 trillion in the 364-day tenor, bringing the aggregate to N3.63 trillion.

On the issuance side, the CBN plans to offer N700 billion in 91-day bills, N870 billion in 182-day bills and N3.15 trillion in 364-day bills, amounting to N4.72 trillion for the quarter.

The CBN noted that all offer amounts remain subject to adjustment without prior notice and that one unit of NTB is equivalent to N1,000, emphasising that the figures may change in line with market conditions.

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.

She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

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