The debts owed to Nigerian banks by oil and gas operators as well as power companies have risen above N6tn, the latest data obtained from the Central Bank of Nigeria have shown.
The N6.14tn represents 28.05 per cent of the N21.89tn loans advanced to the private sector by the banks as of June 2021, according to the sectoral analysis of banks’ credit by the CBN. The debt owed by power firms to the banks rose to N823.28bn in June 2021 from N763.22bn in December 2020, the CBN data showed.
Power generation firms and independent power producers increased their total debt to N482.30bn in June 2021 from N443.37bn in December 2020, while transmission and distribution firms owed banks N340.98bn, up from N319.85bn as of December 2020.
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