Electricity Distribution Companies (Discos) have raked N291.62bn in revenue in the first three months of 2024.
According to the National Bureau of Statistics (NBS) Report titled, ‘Energy billed, revenue generated and customers by DisCos” the figure represents a 17.91 per cent rise compared to the N247.33bn recorded in the first three months of 2023.
The bureau said, “Revenue collected by the DisCos during the period was N291.62bn from N294.95bn in Q4 2023.
“On a year-on-year basis, revenue generated in the reference period rose by 17.91 per cent from N247.33bn recorded in Q1 2023.”
Detailing Discos that recorded a significant surge in revenue, the bureau said, Ikeja Electricity Distribution Company (IEDC) had the highest income of N57.87bn in Q1, although a 3.15 per cent decrease against the N59.75bn realized in Q4 2023.
The Abuja Electricity Distribution Company (AEDC) earmarked N48.60bn in revenue, followed closely by Eko Electricity Distribution Company (EKDC) which raked in N48.74bn.
The report also said estimated billing customers during the quarter under review were 6.43 million, an increase of 10.22 per cent against the 5.83 million billed in Q4 2023.
On a year-on-year basis, estimated customers increased by 7.88 per cent in Q1 2024 from 5.96 million in Q1 2023.
The statistics hub said Ibadan Electricity Distribution Company (IBEDC) had the highest number of estimated billing customers of 1.41 million, followed by the Enugu Electricity Distribution Company (765,662), the Yola Electricity Distribution Company (690,604), the Benin Electricity Distribution Company (688,081), and the Kaduna Electricity Distribution Company (639,395).
The report stated that there was a major decline in the electricity supply during the period under review.
The statistics hub wrote, “Power supply dropped from 6,432.22 gigawats per hour (Gwh) in Q4 2023 to 5,769.52 (Gwh) in Q1 2024.
“However, on a year-on-year basis, electricity supply decreased by 1.41 per cent compared to 5,851.87 (Gwh) reported in Q1 2023”.