According to the National Bureau of Statistics’ latest Electricity Report for the first quarter of 2023, despite a 1.74 percent decline in supply, the total amount of income made by electricity distribution businesses increased by 20.81 percent.
According to the report, a year-over-year comparison revealed that Discos generated N247.33 billion in revenue in Q1 2023, compared to N204.74 billion in Q1 2022.
However, compared to the 5,956 Gigawatt hours recorded in Q1 2022, the power supply was 5,852 Gwh in Q1 2023.
Additionally, according to the study, Discos made N232.32 billion in Q4 2022, increasing the total amount of money the companies made in six months to N479.65 billion.
“Revenue collected by the Discos during the period was N247.33 billion, up from N232.32 billion in Q4 2022,” the report stated in part. Revenue earned in the reference period increased by 20.81% year over year from the N204.74bn reported in Q1 2022.
“The amount of electricity supplied increased from 5,611 (Gwh) in Q1 2023 to 5,852 (Gwh) in Q1 2023. However, compared to the 5,956 (Gwh) reported in Q1 2022, power supply fell by 1.74 percent annually.
Additionally, it was revealed that there had been an increase in overall client numbers, which had reached 11.27 million in Q1 2023.
According to the report’s further information, “Total customer numbers in Q1 2023 increased by 1.89 percent to 11.27 million from 11.06 million in Q4 2022. From the 10.63 million customers recorded in Q1 2022, client numbers in Q1 2023 increased by 5.99% year over year.
“Similarly, metered consumers increased to 5.31 million in Q1 2023, up from 5.13 million in the quarter before, a growth of 3.61 percent. This increased by 10.86% year over year from the reported amount for Q1 2022, which was 4.79 million.
“In addition, estimated customers during the quarter increased by 0.40 percent from 5.93 million in Q4 2022 to 5.96 million in Q1 2023. From 5.84 million in Q1 2022, the expected number of consumers climbed by 1.99 percent in Q1 2023.
The research also revealed that Ibadan Electricity Distribution Company has the most clients, 2.23 million in total.
Following it were the electricity distribution companies in Abuja (1.32 million) and Enugu (1.23 million).
Ikeja Electricity Distribution Company, which serves 1.07 million customers, had the highest income of N49.76 million, while Eko Electricity Distribution Company, which serves roughly 666,941 customers, had N41.73 million in earnings.
Abuja Electricity Distribution Company, which generated sales of N38.12m in Q1 2023, is the company that comes next.
The tariff that power consumers must pay across the nation was secretly raised by electricity distribution corporations.
Despite the fact that the majority of Discos kept this a secret, power users have protested the decision, calling it “a perfect robbery” in light of the challenging economic conditions that exist in Nigeria right now.
The NBS stated in a separate report that customers paid an increase in the average retail price of automobile gas oil in May 2023.
