Nigerian Banks owed N3.72trn by Energy sector

POWER firms and oil and gas companies operating in Nigeria are owing banks in the country about N3.72 trillion as at June 2015, according to data obtained from the Central Bank of Nigeria, CBN. The CBN, in its Statistical Bulletin for the Second Quarter of 2015, said the indebtedness of the energy firms was 27.7 per cent of the total credit to the private sector which stood at N13.433 trillion in the period under review.

The huge debts by the firms are being attributed to the low price of oil in the international market, which has negatively impacted on the revenue profile of the companies.

The total indebtedness of the energy firms as at June end was N147 billion or 4.11 per cent above their total debts of N3.573 trillion as the end of 2014. But it represented a slight decline of N108 billion or 2.82 per cent compared to the N3.828 trillion recorded as at the end of May 2015.

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