The National Bureau of Statistics (NBS) has released its Electricity Report for the first quarter of 2023, revealing that electricity distribution companies (Discos) in Nigeria experienced a 20.81% increase in revenue, despite a 1.74% decline in supply.
According to the report, the Discos collected a total revenue of N247.33 billion in Q1 2023, compared to the N204.74 billion recorded in the same period of 2022. However, electricity supply dropped from 5,956 Gwh in Q1 2022 to 5,852 Gwh in Q1 2023.
The report also highlighted that the Discos collected N232.32 billion in Q4 2022, bringing the total revenue generated by the companies in six months to N479.65 billion. The NBS report stated, “Revenue collected by the Discos during the period was N247.33 billion from N232.32 billion in Q4 2022. On a year-on-year basis, revenue generated in the reference period rose by 20.81% from N204.74 billion recorded in Q1 2022.”
Regarding the number of customers, the report indicated an increase, with a total of 11.27 million customers recorded in Q1 2023. The report added, “Total customer numbers in Q1 2023 stood at 11.27 million from 11.06 million in Q4 2022, showing an increase of 1.89%. On a year-on-year basis, customer numbers in Q1 2023 rose by 5.99% from 10.63 million reported in Q1 2022.”
Among the Discos, the Ibadan Electricity Distribution Company had the highest number of customers, with approximately 2.23 million. It was followed by Abuja Electricity Distribution Company with 1.32 million customers and Enugu Electricity Distribution Company with 1.23 million customers. In terms of revenue, the Ikeja Electricity Distribution Company topped the list with N49.76 million, followed by Eko Electricity Distribution Company with N41.73 million, and Abuja Electricity Distribution Company with N38.12 million in Q1 2023.
Meanwhile, it was reported that electricity distribution companies quietly increased the tariff payable by power consumers across the country, a move that has drawn criticism from electricity users who view it as an added burden amidst the current economic challenges in Nigeria.
In a separate report, the NBS also noted an increase in the average retail price of automotive gas oil paid by consumers in May 2023.
As the electricity sector continues to evolve, stakeholders will closely monitor the revenue growth and supply dynamics, seeking ways to improve efficiency and ensure affordable and reliable power supply to meet the growing demands of consumers.