DISCOs record over N1tn gain as poor power supply persists, 5.8m remain unmetered

As epileptic power supply persists nationwide, revenue generation by electricity distribution companies in Nigeria surged to N1.1trn within 12 months in 2023 according to media reports. The figure represents an increase of N234.4bn or 28.2 per cent from the N831bn generated by the power firms over a similar period in 2022. This latest data was disclosed in the electricity report released by the National Bureau of Statistics on Monday. The latest data came despite the incessant power grid collapses recorded during the year. Nigeria’s national power grid collapsed 46 times from 2017 to 2023, a report by the International Energy Agency said in a report. According to the report, Nigerians endured more nationwide blackouts in 2023, especially on September 14 when the grid collapsed due to a fire on a major transmission line. Despite the challenges, the distribution companies have continued to smile at the bank, allocating outrageous billing to customers. Also, it was observed that Discos were able to capture more customers under the estimated billings system. A further analysis stated that the number of metered numbers increased by 9.38 per cent or 480,833 while the number of customers underestimated billings reduced slightly by 1.73 per cent to 5.8m. The report also reads that “Similarly, metered customers stood at 5.61 million in Q4 2023, indicating a decrease in the growth rate of 1.32 per cent from 5.68 million recorded in the preceding quarter. On a year-on-year basis, this grew by 9.38 per cent from the figure reported in Q4 2022 which was 5.13 million,”.