Oil, power firms owe Nigerian banks N5.83tn

18 Dec Oil, power firms owe Nigerian banks N5.83tn

Energy firms owed Nigerian banks N5.85tn in the third quarter of this year, according to the National Bureau of Statistics.

It represents 29.44 per cent of the N19.87tn loans advanced to the private sector as of the end of September.

Oil and gas firms, which received the biggest share of the credit from the banks, increased their debt by N180bn to N5.12tn in Q3 from N4.94tn in Q2.

The total debt owed by power and energy firms to the banks rose to N732.68bn in Q3 from N712.93bn in the previous quarter, the NBS data showed.

However, the amount of non-performing loans in the oil and gas sector declined by N30.53bn to N238.26bn in Q3 from N268.79bn in Q2.