FG plans N1.76trn NTB issuance amid N1.98trn debt maturities

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The Federal Government plans to raise a total of N1.76 trillion through Nigerian Treasury Bills (NTBs) in the third quarter of 2025 amid maturing debts totalling N1.98 trillion, according to the Central Bank of Nigeria’s (CBN) NTB issuance calendar.

The programme covers 91-day, 182-day, and 364-day tenors, with the highest concentration of maturities and offerings in the 364-day category.

An analysis of the issuance calendar shows that a total of N1.19 trillion will be offered in 364-day bills, N230 billion in 182-day bills, and N340 billion in 91-day bills between July and September 2025. Over the same period, maturities are projected to reach N1.34 trillion for 364-day bills, N242.72 billion for 182-day bills, and N400.05 billion for 91-day bills, totalling N1.98 trillion.

The auction cycle begins with a modest offering of N250 billion on 10 July, comprising N100 billion in 91-day bills, N20 billion in 182-day bills, and N130 billion in 364-day bills. This aligns with the maturing obligations of N301.94 billion, which fall due the following day.

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The government is expected to continue with consistent weekly or bi-weekly auctions, with larger offer volumes planned for dates such as 4 September, when N480 billion worth of NTBs will be offered, the largest in the quarter. This includes N350 billion in 364-day paper, N80 billion in 182-day, and N50 billion in 91-day instruments, corresponding to N324.4 billion in maturing bills.

Other notable auction dates include 24 July (N290 billion), 7 August (N220 billion), 21 August (N230 billion), and 18 September (N290 billion), reflecting ongoing efforts to manage short-term funding needs and control liquidity in the system.

While several auction dates within the quarter, such as 3 July, 17 July, and 31 July, have no offerings scheduled, they align with weeks where no significant maturities are due.

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ByHope Moses-Ashike

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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.