CBN Data Shows Banks, Oil And Power Companies Indebted To The Tune Of N6.14trillion

According to the latest data acquired from the Central Bank of Nigeria, the debts due to Nigerian banks by oil and gas operators as well as electricity providers have surpassed N6 trillion. Energy companies’ bank indebtedness grew to N6.14 trillion in June 2021, up from N5.94 trillion at the end of 2020. According to the CBN’s sectoral analysis of banks’ credit, the N6.14 trillion equals 28.05 percent of the N21.89 trillion in loans granted to the private sector by banks as of June 2021. Oil and gas companies, which obtained the most bank credit, increased their debt by N140 billion […]