Nigerians spend N247.33bn on electricity in three months, supply drops

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In the first three months (Q1) of 2023, Nigerians spent N247.33 billion for electricity supply from Distribution Companies (DisCos).

According to data obtained from the National Bureau of Statistics (NBS), the amount generated by the DisCos from Nigerians increased by 20.81% year-on-year.

During the corresponding period in 2022, over N204.74 billion was expended by Nigerians on electricity supply, while N232.32 billion was generated by the DisCos in the fourth quarter (Q4) of 2022.

The increase in revenue generated by the DisCos occurred despite the decline in electricity supply, from 5,956 (Gwh) reported in Q1 2022, to 5,852 (Gwh) in Q1 2023.

Although, there was an increase in supply quarter-on-quarter, as the supply in the fourth quarter last year was 5,611 (Gwh).

“Revenue collected by the DisCos during the period was N247.33 billion from N232.32 billion in Q4 2022,” the NBS report reads.

“On a year-on-year basis, revenue generated in the reference period rose by 20.81 percent from N204.74 billion recorded in Q1 2022.

“Electricity supply was 5,852 (Gwh) in Q1 2023 from 5,611 (Gwh) in the previous quarter,” the report stated, adding, “However, on a year-on-year basis, electricity supply declined by 1.74 percent compared to 5,956 (Gwh) reported in Q1 2022.”

In the last five quarters, N247.33 billion revenue recorded in Q1 2023 is the highest, compared to N204.7 billion in Q1 2022, and N188.41 billion in the second quarter last year.

READ ALSO: Electricity cost to go up, as Nigerian govt finally approves tariff increase for DisCos

It was also higher than the N202.62 billion turnover reported between July to September (Q3) 2022 and the N232.32 billion generated in Q4 2022.

Other key points to know

The total number of customers increased slightly by 1.89% quarter-on-quarter to 11.27 million in Q1 2023, from 11.06 million in the fourth quarter of last year.

Also, on a year-on-year basis, the total number of customers increased by 5.99% from 10.63 million reported in the first quarter of 2022.

Furthermore, NBS reported that “metered customers stood at 5.31 million in Q1 2023, indicating a growth of 3.61 percent from 5.13 million recorded in the preceding quarter.

“On a year-on-year basis, this grew by 10.86 percent from the figure reported in Q1 2022 which was 4.79 million.”

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