FG to offer N5.40tn in Treasury Bills Q4 2026, 75% in 1-year bills
FG plans to offer N5.40 trillion in Nigerian Treasury Bills between October and December 2026, with about three‑quarters allocated to 364‑day instruments. According to the Q4 2026 NTB Issue Programme released by the CBN and DMO on October 13, N4.10 trillion (75.93%) will be in one‑year bills, while the 91‑day and 182‑day tenors each get N650 billion, or roughly 12.04% of the total.
The planned issuance is slightly below the N5.429 trillion of bills maturing in the same quarter, leaving a net reduction of about N29.27 billion. This shows the programme is mainly designed to refinance existing debt rather than raise new cash. October is frontloaded: N2.15 trillion offered against N1.31 trillion maturing, giving a net excess of N839.91 billion, while November and December show shortfalls of N318.60 billion and N550.58 billion respectively.
At the first Q4 auction on October 7, the DMO allotted N968.47 billion, surpassing the N900 billion offer and pushing the 364‑day stop rate down to 15.85%. The next auction is scheduled for October 14 with N450 billion on offer—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, a full allotment would imply net absorption of roughly N369.16 billion.
Investors looking to reinvest large November and December maturities may find fewer scheduled offers than the amounts falling due, so they should consider alternative tenors or early participation in the October auctions.