By Ayo Kehinde
The Debt Management Office (DMO) has increased its Nigerian Treasury Bills (NTB) issuance programme for the second quarter of 2026 to N4.8 trillion, up from the original N3.95 trillion planned for the period.
An analysis of the original and revised Q2 2026 NTB issuance calendars shows the upward adjustment represents an increase of N850 billion, or 21.52 percent, with the additional borrowing concentrated entirely in June.
Despite the revision, total Treasury Bills maturities for the quarter remain unchanged at N3.197 trillion.
However, the increase significantly raises the government’s net borrowing position, with net new issuance above maturities climbing to N1.603 trillion from the previously planned N753.21 billion.
The revised programme indicates a stronger reliance on short-term domestic borrowing to meet government funding requirements.
A breakdown of the updated calendar shows the allocation to 364-day Treasury Bills increased to N3.7 trillion from N2.85 trillion, raising its share of total issuance to 77.1 percent from 72.2 percent.
Issuance of 182-day bills was also increased to N500 billion from N400 billion, while the allocation for 91-day bills was reduced to N600 billion from N700 billion.
Because April and May auctions had already been completed, the DMO concentrated the entire revision in the June auctions.
The June 3 offer size was increased from N700 billion to N1 trillion, while the June 17 auction was raised from N450 billion to N1 trillion.
The move comes as the Central Bank of Nigeria intensifies liquidity management through aggressive Open Market Operations (OMO) aimed at mopping up excess funds in the banking system. Large NTB auctions, alongside OMO sales, are expected to further tighten liquidity conditions during the month.
The revised issuance calendar suggests the government’s short-term financing needs increased during the quarter, with authorities relying more heavily on Treasury Bills to bridge funding gaps while taking advantage of strong investor demand for government securities.
