The Federal Government plans to raise N1.76 trillion through Nigerian Treasury Bills, NTBs, in the third quarter of 2025, amid maturing obligations of N1.98 trillion, according to the Central Bank’s issuance calendar.
The borrowing strategy spans 91-day, 182-day, and 364-day instruments, with the bulk—N1.19 trillion—targeted through one-year bills. The quarter opens with a N250 billion auction on 10 July, a day before N301.94 billion in maturing bills falls due.
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Further large offerings are expected on 4 September, when N480 billion will be raised—this includes N350 billion in 364-day bills. Other key auction dates include 24 July, 7 and 21 August, and 18 September.
The calendar shows several auction-free weeks, reflecting periods of minimal maturities as the government balances debt rollover and liquidity management.
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