The Central Bank of Nigeria has announced plans to raise ₦5.8 trillion through Treasury Bills (TBs) in the third quarter of 2026 as part of the Federal Government’s borrowing programme for the 2026 budget.
The amount represents a 241 per cent increase compared to the ₦1.76 trillion raised through Treasury Bills during the third quarter of 2025, reflecting the government’s significantly expanded short-term borrowing plans.
The borrowing programme was disclosed in the CBN’s Nigeria Treasury Bills Issue Programme for the third quarter of 2026.
Treasury Bills are short-term debt instruments with maturities of less than one year, issued by the Central Bank on behalf of the Federal Government to raise funds from investors. They are also used by the apex bank as a monetary policy tool to regulate liquidity and control money supply within the economy.
According to the programme, Treasury Bill issuances commenced on July 1, 2026, and will continue until September 23, 2026, while settlement dates began on July 2 and will run through September 24, 2026.
During the quarter, the CBN plans to issue ₦900 billion worth of 91-day Treasury Bills, another ₦900 billion in 182-day bills, and ₦4 trillion in 364-day Treasury Bills.
A breakdown of the issuance schedule shows that the apex bank intends to raise ₦2 trillion in July, comprising ₦300 billion in 91-day bills, ₦300 billion in 182-day bills, and ₦1.4 trillion in 364-day bills.
In August, the CBN plans to issue ₦2.1 trillion worth of Treasury Bills, made up of ₦300 billion in 91-day instruments, ₦300 billion in 182-day bills, and ₦1.5 trillion in 364-day bills.
For September, the apex bank has scheduled the issuance of ₦1.7 trillion, including ₦300 billion in 91-day Treasury Bills, ₦300 billion in 182-day bills, and ₦1.1 trillion in 364-day Treasury Bills.
The programme indicates that the 364-day Treasury Bills will account for the largest share of the planned borrowing, underscoring investor preference for longer-dated short-term government securities.
The increased issuance forms part of the Federal Government’s financing strategy for the 2026 budget while also supporting the Central Bank’s liquidity management operations.
