By Boluwatife Oshadiya | June 10, 2026
Key Points
• DMO raises planned Q2 2026 Treasury Bills issuance by N850 billion to N4.8 trillion
• June auction sizes increase to N2 trillion, nearly double the original monthly plan
• Net new borrowing above maturities rises by 112.8% to N1.603 trillion
Main Story
The Debt Management Office (DMO) has increased Nigeria’s planned Treasury Bills (NTB) issuance for the second quarter of 2026 to N4.8 trillion, representing a 21.52% increase from the original N3.95 trillion programme as the Federal Government intensifies its reliance on short-term domestic borrowing.
A review of the revised Q2 issuance calendar shows that the increase is concentrated entirely in June, following the completion of April and May auctions. While total Treasury Bills maturities remain unchanged at N3.197 trillion, the revised programme significantly expands fresh borrowing requirements.
The adjustment raises net new issuance above maturities to N1.603 trillion, compared with N753.21 billion under the original plan. The largest increase was recorded in the 364-day Treasury Bills segment, which now accounts for N3.7 trillion of total issuance, up from N2.85 trillion previously. Its share of total issuance consequently increased from 72.2% to 77.1%.
The June 3 and June 17 auctions have both been revised upward to N1 trillion each. The June 3 offer increased from N700 billion, while the June 17 auction was expanded from N450 billion. Combined, June issuance now stands at N2 trillion compared with N1.15 trillion initially planned.
The move comes as the government seeks to meet financing obligations amid elevated fiscal pressures while taking advantage of sustained investor demand for sovereign debt instruments. Recent auction results indicate strong market appetite, with the June 3 Treasury Bills auction attracting subscriptions of N1.457 trillion against an offer size of N1 trillion.
The revised issuance programme also coincides with the Central Bank of Nigeria’s aggressive liquidity management strategy through Open Market Operations (OMO), which have absorbed significant liquidity from the banking system in recent months.
What’s Being Said
“The revised issuance calendar demonstrates the government’s continued access to domestic liquidity and the market’s willingness to absorb larger sovereign debt offerings,” market analysts at Afrinvest Securities noted in a recent fixed-income market outlook.
“The Treasury Bills market remains an important funding source for government financing needs while providing investors with relatively attractive risk-adjusted returns,” according to analysts at Cordros Capital.
What’s Next
• The next major Treasury Bills auction is scheduled for June 17, with an offer size of N1 trillion
• Market participants will closely monitor subscription levels and stop rates to gauge investor sentiment
• Liquidity conditions in the banking sector are expected to tighten further as Treasury Bills issuances coincide with continued OMO operations
The Bottom Line: The upward revision of Nigeria’s Treasury Bills programme signals growing short-term financing requirements and underscores the government’s increasing dependence on the domestic debt market. Strong investor demand may support the strategy in the near term, but sustained reliance on short-term borrowing could increase refinancing pressures over time.
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