Oil firms borrowed N130bn from banks in February – CBN

Operators in the downstream, natural gas and crude oil refining sectors of the Nigerian oil and gas industry borrowed N130bn from Nigerian banks in February amid the significant rise in global crude oil prices.

A recent data released by the central bank of Nigeria, the debt owed by the oil and gas companies rose to N4.05tn in February from N3.92bn in January.

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Operators in the upstream and services subsectors owed banks N1.26tn in February, down from N1.27tn a month earlier.

According to the sectoral analysis by the CBN of deposit money banks’ credit, the combined debt of N5.31tn owed by oil and gas operators as of February 2021 represents 25.29 per cent of the N21tn loans advanced to the private sector by the banks.

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Oil and gas firms received the biggest share of the credit from the deposit money banks to the private sector.

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