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Home » Debt at N41.60tr as CBN Announces N1.2tr Treasury Bill Sales

Debt at N41.60tr as CBN Announces N1.2tr Treasury Bill Sales

Yinka Okeowo by Yinka Okeowo
June 11, 2022
in Finance
0

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Nigeria’s total public debt which is likely to hit N50 trillion before the end of 2022 has been a major concern for the Central Bank of Nigeria (CBN). And as part of the moves to nib that situation in the bud, the bank regulator announced that the sale of treasury billsworth N1.2 trillion will commence in the third quarter of 2022 (Q3 2022)

According to the National Bureau of Statistics (NBS), total debt as of March 31, 2022, was N41.60trn, or $100.07bn, which represents the domestic and external debt stocks of the Federal Government of Nigeria, the thirty-six state governments, and the Federal Capital Territory

Now the CBN wants to use treasury bills, which are usually short-term instruments to borrow money from the public on behalf of the Federal Government. Also, the CBN uses treasury bills to control the money supply in the economy.

According to CBN, the treasury bills would be issued in tranches with the first tranche rolled out on June 2, 2022, while the last tranche is scheduled for August 25, 2022.

During the period, the apex bank will issue treasury bill worth N33.4 billion on 91 days; N22.9 billion on 182 days, and N1.17 trillion on 364 days.

A breakdown of the program revealed that in June, the apex bank plans to sell N376.05 billion worth of treasury bills, comprising N22 billion worth of 91 days bills, N4.05 billion worth of 182 days bills, and N350 billion worth of 364 days bills.

In July, CBN plans to sell N407.48 billion worth of treasury bills comprising N6.7 billion worth of 91 days bills, N4.98 billion worth of 182 bills, and N395.8 billion worth of 364 days bills.

In August, CBN plans to sell N446.12 billion worth of treasury bills comprising N4.57 billion worth of 91 days bills; N12.85 billion worth of 182 bills, and N428.7 billion worth of 364 days bills.

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