The revenue of Nigerian electricity distribution companies (Discos) surged to N887.86 billion in the first seven months of 2024, following an increase in electricity tariffs.
An analysis of the Nigerian Electricity Regulatory Commission’s data on Discos’ commercial performance for the period revealed that, of the N1.14 trillion billed to customers, the companies achieved a 79.7 percent collection efficiency, amounting to N887.86 billion. Monthly collections from January to July 2024 were N95bn, N97bn, N100.44bn, N142.92bn, N191.65bn, N150.86bn, and N162.14bn, respectively.
In the same period of 2023, Discos issued bills worth N797.18 billion and collected N604.15 billion.
The increase in revenue is linked to the electricity tariff hike in April from N66 per kilowatt-hour to N225. Despite public calls for reversal, the tariff was reduced to N206.68 per kilowatt-hour before being adjusted to N209 per kilowatt-hour.
Although the tariff increase targeted customers receiving at least 20 hours of power supply, many Nigerians have expressed frustration over rising energy costs, worsened by the migration of more consumers to Band A feeders. Nonetheless, the Minister of Power, Adebayo Adelabu, maintained that Nigeria’s electricity tariffs remain among the lowest in Africa.
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