The Federal Government plans to offer ₦5.40 trillion in Nigerian Treasury Bills (NTBs) between October and December 2026, with ₦4.10 trillion allocated to one-year securities as it prepares to refinance maturing obligations.
The fourth-quarter issuance programme, released on Tuesday, October 13, by the Central Bank of Nigeria (CBN) in conjunction with the Debt Management Office (DMO), allocates 75.93% of planned offers to 364-day bills.
The remaining ₦1.30 trillion is split equally between 91-day and 182-day Treasury bills, with each tenor accounting for ₦650 billion, or approximately 12.04% of the total.
According to Nairametrics’ report published today October 14, 2026, the planned issuance is slightly below the ₦5.429 trillion in Treasury bills scheduled to mature during the quarter, implying a potential net reduction of about ₦29.27 billion if the planned amounts are fully issued.
The programme is therefore largely structured around refinancing existing obligations rather than expanding net borrowing through Treasury bills. Actual issuance will depend on auction allotments, while the calendar covers only one component of the Federal Government’s financing activities.
October accounts for the largest monthly allocation, with ₦2.15 trillion in planned offers against ₦1.31 trillion in maturities. November has ₦1.60 trillion in offers against ₦1.919 trillion in maturities, while December has ₦1.65 trillion against ₦2.201 trillion.
The figures indicate that planned offers exceed maturities in October but fall below them in November and December.
The next scheduled auction is today, October 14, when the CBN is offering ₦450 billion in Treasury bills. The offer comprises ₦50 billion each in 91-day and 182-day bills and ₦350 billion in 364-day bills.
The one-year instrument accounts for 77.78% of the auction. Settlement is scheduled for Thursday, October 15, according to the auction circular, as reported by Nairametrics today.
The auction follows the first Treasury bill sale of the quarter on October 7, when the DMO allotted ₦968.47 billion against an advertised offer of ₦900 billion.
According to Nairametrics’ report of October 7, investors submitted ₦1.683 trillion in bids for the 364-day bill, against an offer of ₦700 billion. The DMO allotted ₦885 billion to the instrument, while its stop rate fell to 15.85% from 15.89% at the preceding auction.
The 91-day and 182-day bills attracted subscriptions of ₦39.42 billion and ₦46.87 billion, respectively, against offers of ₦100 billion each. Their stop rates remained at 15.50% and 15.80%.
The results show a strong preference for one-year bills at the October 7 auction, although demand and final allotments may vary at subsequent sales.
For the government, concentrating issuance in 364-day bills provides funding for a longer period than shorter-dated instruments and may reduce the frequency of refinancing. However, the final cost depends on the interest rates accepted at auction and prevailing market conditions.
Investors will be watching the October 14 auction for fresh indications of demand and borrowing costs as the Federal Government works through its fourth-quarter debt repayment schedule.
