Adedapo Adesanya
By Adedapo Adesanya
The Electricity Distribution Companies (DISCOs) in Nigeria collected N291.62 billion in revenue in the first quarter of 2024, 1.1 per cent lower than the N294.95 billion collected in Q4 2023.
This is according to the National Bureau of Statistics (NBS) electricity report data for the first quarter of 2024.
Analyzed year-on-year, the NBS data showed revenue generated in the reference period rose by 17.9 per cent from N247.33 billion recorded in Q1 2023.
In terms of electricity supply, Nigeria recorded a total of 5,769.52 (Gwh) in Q1 2024, a drop of 10 per cent from 6,432.22 (Gwh) in the previous quarter. However, on a year-on-year basis, electricity supply decreased by 1.4 per cent compared to 5,851.87 (Gwh) reported in Q1 2023.
The total number of Discos’ customers on a year-on-year basis, in Q1 2024 rose by 9.5 per cent from 11.27 million reported in Q1 2023. Similarly, metered customers stood at 5.91 million in Q1 2024, indicating a growth of 5.4 per cent from 5.61 million recorded in the preceding quarter.
On a year-on-year basis, this grew by 11.3 per cent from the figure reported in Q1 2023 which was 5.31 million.
In addition, estimated customers during the quarter were 6.43 million, higher by 10.2 per cent from 5.83 million in Q4 2023. On a year-on-year basis, estimated customers increased by 7.9 per cent in Q1 2024 from 5.96 million in Q1 2023.
Recall that the federal government recently obtained a $500 million loan from the World Bank to support energy Distribution Companies (DisCos) to strengthen the power supply chain and increase the number of metres supplied to end consumers by Discos.
The Bureau of Public Enterprises (BPE) explained the loan status, saying that it will be used to bridge funding shortages in the distribution sector, which is seen to be the most troublesome in the business.
The funds are used to assist the Nigerian Distribution Sector Recovery Programme (DISREP), which aims to enhance the DisCos’ operational and financial viability.
