FG Steps Up Borrowing: ₦4.72 Trillion Raised Through Treasury Bills in Q4 2025
The Federal Government has intensified its borrowing efforts to fund the 2025 national budget, raising a massive ₦4.72 trillion through Treasury Bills (TBs) between October and December 2025. This figure marks a 168% jump compared to the ₦1.76 trillion raised in Q3 2025.
The update was disclosed in the CBN Nigeria Treasury Bills Issue Programme for Q4 2025, released yesterday.
Why Treasury Bills?
Treasury Bills are short-term debt instruments (less than 1 year) issued by the Central Bank of Nigeria (CBN).
They serve two key purposes:
• To borrow funds on behalf of the Federal Government, and
• To manage money supply in the economy.
The Q4 programme ran from October 1 to December 24, 2025, with settlement dates spanning October 2 to December 18.
Breakdown of the Q4 2025 TB Issuance
The CBN structured the ₦4.72 trillion issuance across three tenors:
• 91-day bills: ₦700 billion
• 182-day bills: ₦870 billion
• 364-day bills: ₦3.15 trillion
This shows a stronger reliance on the longest tenor (364 days), which typically attracts higher interest and longer-term liquidity from investors.
Month-by-Month Detailed Breakdown
October 2025 – ₦1.22 trillion issued
• 91-day: ₦200 billion
• 182-day: ₦220 billion
• 364-day: ₦800 billion
November 2025 – ₦1.35 trillion issued
• 91-day: ₦200 billion
• 182-day: ₦250 billion
• 364-day: ₦900 billion
December 2025 – ₦2.15 trillion planned
• 91-day: ₦300 billion
• 182-day: ₦400 billion
• 364-day: ₦1.45 trillion
(This is the largest single-month issuance in 2025.)
What This Means for the Economy
• The sharp increase in borrowing signals pressure to fund the 2025 budget, possibly due to revenue shortfalls.
• Heavy issuance of 364-day TBs may push yields upward, attracting investors seeking higher returns.
• Increased borrowing could temporarily tighten liquidity and influence interbank rates.
• However, TBs remain a safe and popular asset class for both institutional and retail investors.
The Federal Government has intensified its borrowing efforts to fund the 2025 national budget, raising a massive ₦4.72 trillion through Treasury Bills (TBs) between October and December 2025. This figure marks a 168% jump compared to the ₦1.76 trillion raised in Q3 2025.
The update was disclosed in the CBN Nigeria Treasury Bills Issue Programme for Q4 2025, released yesterday.
Why Treasury Bills?
Treasury Bills are short-term debt instruments (less than 1 year) issued by the Central Bank of Nigeria (CBN).
They serve two key purposes:
• To borrow funds on behalf of the Federal Government, and
• To manage money supply in the economy.
The Q4 programme ran from October 1 to December 24, 2025, with settlement dates spanning October 2 to December 18.
Breakdown of the Q4 2025 TB Issuance
The CBN structured the ₦4.72 trillion issuance across three tenors:
• 91-day bills: ₦700 billion
• 182-day bills: ₦870 billion
• 364-day bills: ₦3.15 trillion
This shows a stronger reliance on the longest tenor (364 days), which typically attracts higher interest and longer-term liquidity from investors.
Month-by-Month Detailed Breakdown
October 2025 – ₦1.22 trillion issued
• 91-day: ₦200 billion
• 182-day: ₦220 billion
• 364-day: ₦800 billion
November 2025 – ₦1.35 trillion issued
• 91-day: ₦200 billion
• 182-day: ₦250 billion
• 364-day: ₦900 billion
December 2025 – ₦2.15 trillion planned
• 91-day: ₦300 billion
• 182-day: ₦400 billion
• 364-day: ₦1.45 trillion
(This is the largest single-month issuance in 2025.)
What This Means for the Economy
• The sharp increase in borrowing signals pressure to fund the 2025 budget, possibly due to revenue shortfalls.
• Heavy issuance of 364-day TBs may push yields upward, attracting investors seeking higher returns.
• Increased borrowing could temporarily tighten liquidity and influence interbank rates.
• However, TBs remain a safe and popular asset class for both institutional and retail investors.