The Federal Government plans to offer N5.40 trillion in Nigerian Treasury Bills (NTBs) between October and December 2026, with approximately three-quarters of the amount concentrated in 364-day bills.
This is according to the Q4 2026 NTB Issue Programme released on Tuesday, October 13, by the Central Bank of Nigeria (CBN) in conjunction with the Debt Management Office (DMO) and analysed by Nairametrics.
The programme allocates N4.10 trillion, representing 75.93% of total planned offers, to 364-day bills, while the 91-day and 182-day tenors receive N650 billion each, or approximately 12.04% apiece.
At the first Q4 NTB Primary Market auction conducted on October 7, DMO in conjunction with the CBN allotted N968.47 billion, exceeding its N900 billion offer with the 364-day stop rate declining to 15.85%.
One-Year Bills dominate Q4 Offers:
The planned N5.40 trillion issuance is slightly below the N5.429 trillion in Treasury bills scheduled to mature during the quarter. This leaves a planned net reduction of approximately N29.27 billion, indicating that the programme is largely structured around refinancing existing obligations.
Planned offers cover approximately 99.46% of maturing principal, although the distribution across tenors differs.
- The 364-day tenor accounts for N4.10 trillion, or 75.93% of total planned issuance.
- The 91-day and 182-day tenors each account for N650 billion, representing approximately 12.04% apiece.
- Planned 182-day offers exceed maturities of N462.70 billion by N187.30 billion.
- Planned 91-day and 364-day offers fall below their respective maturities by N72.39 billion and N144.18 billion.
The figures suggest that the Federal Government intends to maintain a strong preference for one-year Treasury bills during the final quarter of 2026.
However, the offer amounts remain subject to change. Actual issuance and net borrowing will depend on allotments rather than the amounts initially advertised in the calendar.
October Treasury Bill Offers Frontloaded:
The Q4 issuance programme is unevenly distributed, with October accounting for the largest monthly offer amount. Planned offers exceed maturities in October but fall below maturing obligations in both November and December.
- October has N2.15 trillion in planned offers against N1.31 trillion in maturities, implying a net offer excess of N839.91 billion.
- November has N1.60 trillion in offers against N1.919 trillion in maturities, a shortfall of N318.60 billion.
- December has N1.65 trillion in offers against N2.201 trillion in maturities, a shortfall of N550.58 billion.
- The largest single maturity is N1.108 trillion on November 18, while other major maturities fall on December 2, 9 and 16.
- The calendar lists seven auction dates, with October 7 having the largest offer amount of N900 billion, followed by N850 billion on December 2.
The next scheduled auction is October 14, with N450 billion on offer, comprising N50 billion each in 91-day and 182-day bills and N350 billion in 364-day bills. With N80.84 billion maturing for settlement on October 15, full allotment of the N450 billion offer would imply net absorption of approximately N369.16 billion.
Treasury Bill Issuance falls from Q3:
The Q4 programme represents a shift from the third quarter (Q3) when DMO targeted N5.80 trillion in gross Treasury bill issuance against approximately N2.64 trillion in maturities. That earlier programme implied net new issuance of about N3.16 trillion, compared with the near-balanced position planned for Q4.
- The 364-day tenor was already dominant in Q3, accounting for approximately 69% of planned offers, compared with 75.93% in the current quarter.
- Planned Q4 offers are approximately N400 billion below the N5.80 trillion scheduled for Q3.
- Q4 maturities of N5.429 trillion are more than double the N2.64 trillion planned for the previous Q3 programme.
- The Q3 programme ended with a N500 billion auction on September 23.
Investors seeking to reinvest large November and December maturities may face fewer scheduled offers than the amounts maturing during those months. The programme covers only Treasury bills and does not establish the Federal Government’s overall net borrowing position, which also depends on bond issuance, other financing instruments and actual auction allotments.