According to data obtained from the Central Bank of Nigeria (CBN), energy firms operating in Nigeria owe banks in the country about N3.982 trillion as at September 2015, Vanguard reports.

The amount accounted for 30.6 per cent of the total N13.014 trillion owed banks by the private sector in the month under review. The CBN, in its Quarterly Statistical Bulletin for the Third Quarter of 2015 (Q3 2015), disclosed that the indebtedness represented an increase of 14.33 per cent or N499 billion when compared to total indebtedness of N3.483 trillion as at August end 2015.

The report stated that downstream, natural gas and crude oil refining companies owed about N2.241 trillion. Similarly, upstream oil and gas servicing companies owed N1.212 trillion. In addition, Independent Power Projects and power generating companies’ indebtedness stood at N359.568 billion, while power transmission and distribution companies owed N169.4 billion.