Tuesday, April 13, 2021

Debts owed banks by Oil and Gas firms rise to N5.94tn



The debts owed to Nigerian banks by oil and gas operators as well as power companies in the country rose to N5.94tn at the end of 2020 from N5.25tn in December 2019.

The N5.94tn represents 29.16 per cent of the N20.37tn loans advanced to the private sector by the banks as of December.

Oil and gas firms, which received the biggest share of the credit from the banks, increased their debt by N600bn to N5.18tn in December 2020 from N4.58tn in December 2019.

The debt owed by power firms to the banks rose to N763.22bn in December 2020 from N671.45bn in December 2019.