₦airaland Forum

By Queen Madaki

Nigeria’s Treasury Bills (NTB) market recorded a sharp surge in investor demand at its latest primary market auction, with total subscriptions reaching N4.59 trillion, nearly three times the N1.15 trillion offered by the Debt Management Office (DMO).

The auction, conducted on Wednesday, February 4, 2026, reflects sustained appetite for government securities, particularly longer-dated instruments, amid strong liquidity conditions in the financial system.

Despite the significant inflows, the DMO exercised restraint by allotting N952.60 billion across the three tenors — 91-day, 182-day, and 364-day bills.

Strong Demand for 364-Day Bills

Investor demand was heavily concentrated on the 364-day Treasury bill, which attracted subscriptions of N4.40 trillion against an offer of N800 billion. The DMO allotted N808.78 billion, leveraging the strong demand to reduce borrowing costs.

364-day Treasury Bill
Offer: N800.0 billion
Subscription: N4.40 trillion
Allotment: N808.78 billion
Stop rate: 16.99% (down 137 basis points from January’s 18.36%)

The sharp decline in the one-year stop rate highlights the DMO’s pricing power and reflects growing investor confidence in longer-term government securities.

Mixed Performance for Shorter Tenors

182-day Treasury Bill
Offer: N200.0 billion
Subscription: N123.41 billion
Allotment: N80.61 billion
Stop rate: 16.65% (unchanged)
91-day Treasury Bill
Offer: N150.0 billion
Subscription: N66.05 billion
Allotment: N63.21 billion
Stop rate: 15.84% (unchanged)

Unlike the one-year bill, the 91-day and 182-day tenors recorded weaker demand relative to their offers. Stop rates on both maturities remained unchanged from the January 2026 auction.

What This Means for Investors

The nearly 299% oversubscription underscores persistent liquidity chasing risk-free assets, as investors continue to favor Treasury Bills over equities and other riskier instruments.

The DMO’s decision to under-allot relative to total subscriptions while reducing the one-year yield signals increasing market depth and confidence in Nigeria’s sovereign instruments.

The drop in the 364-day stop rate from 18.36% in January to 16.99% in February represents a shift toward a more issuer-friendly environment, potentially easing the government’s short-term borrowing costs.

Analysts suggest that continued demand for longer-dated NTBs may reflect expectations of moderating rates in the near term, prompting investors to lock in relatively attractive yields while available.

The Business Bureau will continue to monitor developments in the fixed income market as part of broader coverage under Nigeria News Today.

Source: The Business Bureau

This is good. But still na our stolen that is reinvested into our economy

That is relatively low compared to what Nigeria as giant of Africa Should be offering

Hmmm. All these investments, I hope it is not just on paper o, because we are yet to see the dividend or benefit to the common man o

APC LAPDOGS are on overdrive, churning out audio news after news

I no be economist. So, what's the merits and demerits?

They only read bad news, they will not read or understand this good news. Awong agbotikuyo gbogbo

I no even understand the whole thing

That doesn't mean the country isn't a failed country. That doesn't reduce unemployment and corruption.

Lots of western countries are running broke.

Crypto is tanking.

The US stock market, especially tech shares are tanking.

Japan is pulling US bonds.

Nigeria should offer less for our treasury bills.

They are in demand.

But it's not translating to anything na..our girls still full villages in west Africa.

How?

WHAT IS IMPORTANT IS DAT DOZ WHO HAVE D RESOURCES NOW HAVE CONFIDENCE IN D FUTURE OF NIGERIA UNLIKE 2023 WEN NOBODY HAD CONFIDENCE IN EVEN D NAIRA NOT TO MENTION D FUTURE OF NIGERIA.... THE RICH SPEAK WITH MONEY WHILE D POOR MAKE NOISE ON SOCIAL MEDIA

What is actually going on is: investors are scared that CBN will cut rate this February so they are quickly trying to lock in this high yield Tbills.

Only if there are smarter to know that they could get a better deal from old Government Bond Via Fixed income fund.

To know more about this: join the conversation on YouTube:
https:///www.youtube.com/playlist?list=PLelyzjGuxrbj-ORzfwOEveV2vK0j1e3fw

AderonkeOlaniyi:
That doesn't mean the country isn't a failed country. That doesn't reduce unemployment and corruption.

Dwell in negativity and you'll never see anything good in your life, because what you feel inside manifests in reality.

So what's the implications on subscribers? Does it mean the fund will be rationed amongst them if Offer: N800.0 billion
Subscription: N4.40 trillion
Allotment: N808.78 billion

Toredola:
This is good. But still na our stolen that is reinvested into our economy

I wonder if this is why Jagaban of Borgu has failed to achieve his N300/$1 short term goal despite saving $84 billion from subsidy removal and petrol price hike?

If he is looting our money and stashing it abroad then he is a wicked leader looter for sure.

anonimi:
The eyesore on Bourdillon Road
2nd January 2025

Beyond his neighbours, there is something about the sight of people hanging around a president’s residence that does not speak well of his leadership capabilities. Maybe no one has nudged him to see it, but the impression that spectacle on Bourdillon Road generates is that Tinubu enjoys the sight of suffering humans and thrives in—and through— their poverty.

If all these years, impoverished people hang around you and you remain comfortable enough to keep them just so they can be handed tokens of your large heart, then it means you have a pro-poverty mindset. Such a frame of mind is oriented toward cultivating poverty rather than stimulating abundance.

That is why he could unproblematically relate the story of his “friend” who went from using five Rolls Royce to a far-less valued car and not consider the import of the nonsense he was saying. That spurious account was an indication that this is a man for whom poverty—of others, not himself—is an ideal.

https://punchng.com/the-eyesore-on-bourdillon-road/

Kushites:
Dwell in negativity and you'll never see anything good in your life, because what you feel inside manifests in reality.

Is this why All Promises Cancelled, APC leaders looters are not seeing anything good in their government

anonimi:
Petrol should never cost more than N70 per litre, says APC

January 19, 2015

The All Progressives Congress (APC) has described as mere tokenism the reduction of petrol price from N97 to N87 per litre, saying the petroleum product ordinarily should sell for N70.

On Sunday, the federal government announced the reduction of petrol price, citing the fall of global crude oil price.

But the APC through Lai Mohammed, its spokesman, on Monday accused the government of making a show out of deceit, saying “a 10.3 per cent slash in the price of petrol was a mere tokenism at a time the price of crude oil has crashed by about 60 per cent”.

It argued that the pump price of a litre of petrol should not be more than 70 Naira, alleging that at N87 per litre, the government was forcing Nigerians to subsidise the massive corruption in the oil sector by N17 for every litre of fuel.

https://www.thecable.ng/petrol-never-cost-n70-per-litre-says-apc/

Toredola:
This is good. But still na our stolen that is reinvested into our economy

Stop whatever you are taken,for it's injurious to your system!
In fact,some of you on this Social Media as gaulible audiences, should just be mute 🤐 for the next one year to learn from Others.
Did you know,the number of Foreign Investors that are Now Patronizing the Country?
Did you know that a Government Reforms that is making Easy Entry and Exit,is a Fulcrums to a Competitive Economy?
Did you know what it means to Reform - your FOREX- Foreign Exchange Currencies Mkt,
To Reforms Your Port Authority ( NPA) where lot of Form M- Importations was being Manipulated on timely basis with the Banks and the NPA and Politicians?
Did you know what it means to Regulate and Free Fuel ⛽,Crued OIL 🪔🛢️ that was being Stolen Across the Borders before President Tinubu Came to Power?
Some of you hate and bitterness and yellow 🟡 Jaundice is worrying many on Social Media with gaulible audiences.

Keep on deceiving yourselves. What is the dollar equivalent and compare it during when naira had value

N8million invested last year October.. doing the same this year. Even if it the interest reduced to 10%

As we the opposition kept fire under the chair where Apc was relaxing majestically, you can now see the benefits. We have moved Nigeria into the US/Western bloc. Don’t forget the number of African countries that are now in the Russian/Chinese bloc including Burkina Faso.

Putin’s Wagner group is all over Africa but Nigeria now has US troops. This partnership will also improve our economy and our democracy.

WE HOPE FOR A BETTER FUTURE.

We'll get there.

fmlala:
They only read bad news, they will not read or understand this good news. Awong agbotikuyo gbogbo

This is because you sit down in your palour thinking this is a good thing ....treasury bill is means the govt use to burrow money from the citizen to control inflation or fund deficit budget
This means Nigeria govt is going to pay back this massive loan next year at the rate of 16% , this mean that most of the govt revenue for next year will be use in servicing this loan , this will reduce money for capital expenditure because most of the inflow is been used to service this loan

And lastly in all the west African countries , Nigeria has the highest interest rate on treasury bill due to the country economic woes , follow by ghana at 12 %
Most other performing country has their interest rate at single digit

If you understand very well you will know that it is not good news for federal Govt but good news for the investors cos Nigeria is paying very high for that loan, that's why people are putting their money there
It's a loan to the federal government

BETWEEN 1998 & 2015 FUEL PRICE INCREASED FROM 11 NAIRA PER LITER TO 87 NAIRA PER LITER [ 690% DEVALUATION] YET SUBSIDY WASNT REMOVED, FOR UR INFORMATION UNDER TNUBU WE HAVE ONLY HAD 360% DEVALUATON DESPITE SUBSIDY REMOVAL

anonimi:
Is this why All Promises Cancelled, APC leaders looters are not seeing anything good in their government

BETWEEN 1998 & 2015 FUEL PRICE INCREASED FROM 11 NAIRA PER LITER TO 87 NAIRA PER LITER [ 690% DEVALUATION] YET SUBSIDY WASNT REMOVED, FOR UR INFORMATION UNDER TNUBU WE HAVE ONLY HAD 360% DEVALUATON DESPITE SUBSIDY REMOVAL

anonimi:
Is this why All Promises Cancelled, APC leaders looters are not seeing anything good in their government

DeltaBachelor:
Hmmm. All these investments, I hope it is not just on paper o, because we are yet to see the dividend or benefit to the common man o

u can never see any dividends spending valuable time on nairaland. Go get something doing

Good! As demand for our bills is rising, the CBN should reduce rates so as to reduce debt burdens.

Single digit interest rate is good for borrowings.

demstone:
BETWEEN 1998 & 2015 FUEL PRICE INCREASED FROM 11 NAIRA PER LITER TO 87 NAIRA PER LITER [ 690% DEVALUATION] YET SUBSIDY WASNT REMOVED, FOR UR INFORMATION UNDER TNUBU WE HAVE ONLY HAD 360% DEVALUATON DESPITE SUBSIDY REMOVAL

Why are you screaming with your ALL CAPS comment, as if that will magically change your lies to truths?

How much is petrol today, two years after Tinubu hit the ground running to deliver his campaign promises

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.


https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-



https://www.youtube.com/watch?v=4JH8CC_JdUA

This is in a country that witnessed the flight of expatriate and multinational companies uptill three years ago.

Yet, Tinubu is not working !
What he has been able to achieve in only 3 years in office is nothing short of a miracle.