The Central Bank of Nigeria (CBN) has unveiled plans to raise N5.8 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 from the N1.76 trillion raised through Treasury Bills in the corresponding period of 2025, according to the CBN’s Nigeria Treasury Bills Issue Programme for the third quarter of 2026, released on Wednesday.
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 finance budgetary needs. They are also used by the apex bank as a monetary policy tool to regulate liquidity and control money supply in the economy.
The issue programme will run from July 1 to September 23, 2026, while settlement dates are scheduled between July 2 and September 24, 2026.
Under the programme, the CBN plans to issue N900 billion in 91-day Treasury Bills, N900 billion in 182-day bills, and N4 trillion in 364-day bills during the quarter.
A monthly breakdown of the issuance 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 plans to issue N2.1 trillion, made up of N300 billion in 91-day bills, N300 billion in 182-day bills, and N1.5 trillion in 364-day bills.
For September, the CBN is scheduled to offer N1.7 trillion in Treasury Bills, comprising N300 billion in 91-day bills, N300 billion in 182-day bills, and N1.1 trillion in 364-day bills.
The significant increase in Treasury Bill issuance underscores the Federal Government’s reliance on the domestic debt market to finance its 2026 budget while providing the CBN with an additional instrument for liquidity management.
