Nigeria’s electricity distribution companies have raked in a total sum of N887.86bn as revenue in the first seven months of 2024 following the tariff increase for Band A customers and improved revenue collection, findings by The PUNCH have shown.
Despite consistent complaints over poor power supply by consumers and high tariffs, the 11 Discos increased their income by 46.96 per cent from N604.15bn recorded in the same period of 2023, spanning January to July.
This information emerges as stakeholders in the sector decreased their borrowings from commercial banks by N28.82bn.
According to an analysis of data released by the Nigerian Electricity Regulatory Commission, which contains Discos’ commercial performance for the seven months, the distribution companies had billed a total of N1.114tn over the period under review but were able to collect N887.86bn, achieving 79.7 per cent revenue collection efficiency in the country.
During the previous period of 2023, the companies issued bills totalling N797.18bn, while they managed to collect N604.15bn.
