The Nigerian Treasury Bills auctioned for the month of May was oversubscribed by N132bn.The Debt Management Office disclosed this on its website, adding that a total of N33bn was offered while it recorded a total subscription of N165.56bn.
The treasury bills were auctioned across 91-day, 182-day and 364-day tenors.
Treasury bills are short-term sovereign debt securities maturing in one year or less.
They are sold at a discount and redeemed at par.
The Federal Government of Nigeria, through the Central Bank of Nigeria, issues the treasury bills to provide short-term funding for government budget deficit.