Treasury Bills Q4 2026: FG Plans ₦5.4trn in New Offers

The Federal Government plans to offer ₦5.40 trillion in Nigerian Treasury Bills between October and December 2026, with ₦4.10 trillion, or 75.93%, in one-year (364-day) bills, according to the Q4 2026 issue programme released on 13 October by the Central Bank of Nigeria (CBN) and the Debt Management Office (DMO). At the first auction since the calendar was published, on 14 October, the one-year stop rate rose 5 basis points to 15.90%. Here is how the quarter is laid out, what the latest auction showed and what it means for savers.

The Q4 plan by tenor

Nairametrics analysed the programme. Planned offers come close to matching the bills that fall due in the quarter.

Bills worth about ₦5.429 trillion mature in the quarter, so the plan implies a small net reduction of about ₦29.27 billion. In other words, the programme is mostly about rolling over existing debt rather than borrowing much new money through bills.

Month by month: October is front-loaded

The calendar is not spread evenly. October offers more than what matures, while November and December offer less.

The calendar lists seven auction dates. October has three: ₦900 billion on 7 October, ₦450 billion on 14 October and ₦800 billion on 28 October. The Guardian noted that no auction is scheduled for 21 October, even though ₦392.79 billion of bills mature that day. The largest single maturity in the quarter is ₦1.108 trillion on 18 November, and the biggest December offer is ₦850 billion on 2 December.

The total is also lower than last quarter. The Q3 programme planned ₦5.80 trillion against about ₦2.64 trillion in maturities. The Guardian reported that the DMO actually raised ₦8.14 trillion in Q3, well above the plan, which is a reminder that the calendar is a guide and actual sales depend on allotments.

What happened at the 14 October auction

The ₦450 billion offer was the smallest in the Q4 calendar. Results reported by MarketForces Africa and The Government and Business Journal showed:

Total bids were about ₦1.03 trillion, more than twice the amount on offer, and more than 95% of bids went to the one-year bill. Yet the DMO sold only ₦269.06 billion, about 26% of bids. In the 364-day tenor it took ₦220 billion from ₦982.21 billion of bids against a ₦350 billion offer. Selling less than offered while bids were strong suggests the authorities were not willing to accept the higher rates many bidders wanted.

This followed a very different result on 7 October, when the DMO sold ₦968.47 billion against a ₦900 billion offer and the one-year rate fell to 15.85%. The Regulators reported that this was 185 basis points below the Q3 peak of 17.70%.

Discount rate vs true yield

The 15.90% stop rate is a discount rate. Because you pay less than face value and receive the full amount at maturity, the actual annual return on the money you put in, the true yield, is higher. By our calculation, a 364-day bill at a 15.90% discount rate gives a true yield of about 18.90% before any bank or broker fees. That compares with headline inflation of 15.39% in August, the latest official figure, and a CBN policy rate of 23%.

Wider market signals

The Government and Business Journal reported mixed moves elsewhere in the fixed income market on 14 October. The average secondary market Treasury bill yield rose one basis point to 17.9%. Average yields on Open Market Operation bills rose 10 basis points to 18.7%. Average yields on FGN bonds rose 17 basis points to 16.1%, led by short-dated bonds.

What this means for investors

• One-year bills remain the main product. With ₦4.10 trillion planned, savers who prefer the 364-day bill should have regular chances to buy it this quarter.
• Plan for November and December. Offers fall short of maturities in both months. If your bills mature then, you may face more competition to reinvest, or need a back-up such as a money market fund or bonds.
• Rates are near a turning point. The one-year rate dipped to 15.85% and then rose to 15.90%. Small moves like this can go either way, so do not assume rates will keep falling.
• Compare true yields, not headline rates. A 15.90% discount rate is worth about 18.90% a year in true yield, before fees.
• Watch the September inflation figure. It is due from the National Bureau of Statistics and could influence how bidders price the 28 October auction.

This is for information only and is not investment advice.

FAQ

How much Treasury bills will the FG sell in Q4 2026?

The CBN and DMO plan to offer ₦5.40 trillion between October and December 2026, with ₦4.10 trillion in 364-day bills.

What was the one-year Treasury bill rate on 14 October 2026?

The 364-day stop rate rose to 15.90% from 15.85%. The 91-day and 182-day rates stayed at 15.50% and 15.80%.

When is the next Treasury bill auction?

The calendar lists an ₦800 billion auction on 28 October 2026. No auction is planned for 21 October.

Sources

• Nairametrics, "FG plans N5.4 trillion Treasury bill offers in Q4, targets N4.1 trillion in one-year bills" (14 Oct 2026)
• Punch, "FG plans N5.4tn T-bill sales, favours one-year debt" (15 Oct 2026)
• The Guardian, "CBN offers N450b treasury bills, targets N369b liquidity withdrawal" (Oct 2026)
• MarketForces Africa, "Spot Rate on Nigerian Treasury Bill With 1-Year Tenor Rises 5bps" (14 Oct 2026)
• The Government and Business Journal, "Nigeria's 364-Day T-bill rate rises to 15.90% as DMO allots ₦269 billion" (14 Oct 2026)
• The Regulators, "CBN Opens N450bn Treasury Bill Auction" (14 Oct 2026)
• CBN, Monetary Policy Committee Communique No. 164 (September 2026)