CBN raises N15trn via treasury bills to cover 2025 budget deficit

The Central Bank of Nigeria (CBN) raised N15.3 trillion from the Nigerian treasury bills (NTBs) market in 2025 to support the federal government’s effort to bridge its budget deficit, according to data obtained from the apex bank.

According to the apex bank, the amount represents a 15.04 percent increase over the N13.3 trillion raised from investors in 2024.

Treasury bills (T-Bills) are short-term debt securities issued by the government to cover budget shortfalls and finance development projects.

The securities bear no interest and are issued at a discount, with repayment made at par value at maturity.

Data from the CBN also showed that the total amount offered for subscription in 2025 rose to N12.8 trillion, representing a 60.2 percent increase from the N7.99 trillion offered in 2024.

However, despite the higher volume raised, total investor subscriptions declined, reflecting the impact of lower yields.

According to the apex bank, subscriptions in 2025 stood at N36.63 trillion, a 5.47 percent decrease from the N8.75 trillion recorded in 2024.

According to the apex bank, subscriptions in 2025 stood at N36.63 trillion, a 76.11 percent decrease from the N38.75 trillion recorded in 2024.

On November 15, the apex bank took a step in asserting full control over the government securities segment of the fixed-income market.

The CBN said it was activating a new regime that mandates the use of its S4 electronic interface for treasury bills auction submissions, with the directive taking effect with an issuance on November 20.(the Cable)