The revenue of Nigerian electricity distribution companies (Discos) rose to ₦887.86 billion in the first seven months of 2024, largely driven by an electricity tariff hike.
This is based on data from the Nigerian Electricity Regulatory Commission (NERC) on the commercial performance of Discos during this period.
Out of the N1.14 trillion billed to customers, Discos achieved a collection efficiency of 79.7 percent, bringing in ₦887.86 billion. The breakdown of collections from January to July 2024 included ₦95bn, ₦97bn, ₦100.44bn, ₦142.92bn, ₦191.65bn, ₦150.86bn, and ₦162.14bn.
Compared to the same period in 2023, when Discos issued bills amounting to ₦797.18 billion and collected ₦604.15 billion, this marked a significant revenue increase, largely attributed to the tariff hike in April. The cost of electricity increased from ₦66 per kilowatt-hour to ₦225, before being adjusted to ₦209 per kilowatt-hour after several reviews.
Despite assurances from Power Minister Adebayo Adelabu that Nigeria’s electricity tariff remains one of the lowest in Africa, consumers have expressed frustration, especially as more are moved to higher-cost Band A feeders, intensifying the financial burden.
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