February 25, 2024
Electricity DisCos’ Revenue Collection Rises 30% To N782.74bn
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Electricity DisCos’ Revenue Collection Rises 30% To N782.74bn

Revenue collection by eleven electricity distribution companies rose by 30 percent in the first nine months of 2023 to N782.74 billion, when compared to N598.13 billion collected over the same period in 2022.

Data from the Nigerian Electricity Regulatory Commission, NERC, also showed that collection efficiency improved by three percentage points, rising to 73.6 percent recorded in the first nine months of 2023 when compared to 70.12 percent collection efficiency recorded in the first nine months of 2022.

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Despite the increased collection efficiency in 2023, NERC data however indicated that revenue shortfall by the DisCos rose to N503.13 billion in the months of January to September 2023, compared to revenue shortfall of N268.31 billion recorded over similar period in 2022. 

The revenue shortfalls in addition to the Federal Government’s decision to freeze electricity tariff increase last year, have increased electricity subsidies payable by the government to about N600 billion for 2023 and a projection of N1.6 trillion for 2024.

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