As part of its 2025 budget financing plan, the Federal Government (FG), through the Central Bank of Nigeria (CBN), has raised N4.72 trillion from the sale of Treasury Bills (TBs) in the fourth quarter of 2025 (Q4’25).

This marks a 168% increase compared to the N1.76 trillion raised in Q3’25.

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Details of the Treasury Bills Program

Treasury Bills are short-term debt instruments (less than one year) issued by the CBN to borrow on behalf of the FG and manage money supply in the economy. The Q4’25 TB issuance program ran from October 1 to December 24, 2025, with settlements scheduled from October 2 to December 18, 2025.

The breakdown of the planned issuance is as follows:

• 91-day bills: N700 billion
• 182-day bills: N870 billion
• 364-day bills: N3.15 trillion

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Monthly Distribution

• October 2025: N1.22 trillion
  • 91 days: N200 billion
  • 182 days: N220 billion
  • 364 days: N800 billion
• November 2025: N1.35 trillion
  • 91 days: N200 billion
  • 182 days: N250 billion
  • 364 days: N900 billion
• December 2025: N2.15 trillion (planned)
  • 91 days: N300 billion
  • 182 days: N400 billion
  • 364 days: N1.45 trillion

The surge in Treasury Bills issuance in Q4 underscores the FG’s reliance on short-term borrowing to fund budgetary obligations, while also serving as a tool for liquidity management in the Nigerian economy.