Nigerian banks’ loans to energy firms hit N5.59trn


Energy firms in the country owe Nigerian banks a total of N5.59 trillion, the sectoral analysis of banks’ credits by the Central Bank of Nigeria (CBN) has revealed The N5.59 trillion represents 30 per cent of the N18.63 trillion loans advanced to the private sector by the banks as of May 2020. Oil and gas firms, which received the biggest share of the credit from the banks, increased their debt by N300 billion to N4.88 trillion in May from N4.58 trillion in December 2019. The debt owed by power firms…

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