According to data produced by the Central Bank of Nigeria (CBN), energy companies in Nigeria owe commercial banks in the country N3.673 trillion.
CBN, in its Statistical Bulletin for the First Quarter of 2015, revealed that the aggregate credit to the energy sector as at March 2015 stood at N3.673 trillion, dropping by N182 billion from N3.855 trillion recorded in February 2015.
Giving a breakdown of the figures, the CBN stated that in the industrial segment, oil and gas firms’ aggregate credit stood at N2.153 trillion as at March 2015, compared to N2.3 trillion in February 2015 and N2.047 trillion as at December 2014. The oil and gas firms in this segment comprise downstream, natural gas and crude oil refining.
Aggregate credit of the power and energy sector, comprising Independent Power Project (IPP) and power generating companies, stood at N282.7 billion, compared to aggregate credit of N294.085 billion recorded in February 2015.
In the services segment, the CBN noted that the aggregate credit of upstream oil and gas services sector in the month of March stood at N1.073 trillion, down from N1.096 trillion, while power transmission and distribution companies’ aggregate credit stood at N163.93 billion, compared to N172.44 billion in February 2015.
