Regarding revenue collection, the report noted that DisCos experienced a shortfall, collecting ₦291.62bn out of the ₦368.65bn billed to customers.
The total energy received by all DisCos was 7,171.93 GWh, while the energy billed to end-use customers was 5,769.52 GWh, resulting in an overall billing efficiency of 80.45 percent.
Ikeja DisCo collected the highest revenue at ₦57.88bn, followed by Eko DisCo with ₦48.74bn. Yola DisCo collected the least revenue at ₦5.46bn.
A breakdown of the ₦633.30bn reveals that subsidies consumed ₦36.02bn in the first quarter, ₦135.23bn in the second quarter, ₦204.6bn in the third quarter, and ₦252.76bn in the fourth quarter of 2023.
The increase is attributed to the government’s policy to harmonise exchange rates and the lack of cost-reflective tariffs across all electricity distribution companies, as stated by the electricity market regulator.
“It is important to note that due to the absence of cost-reflective tariffs across all DisCos, the Government incurred a subsidy obligation of ₦633.30 billion in 2024/Q1, an average of ₦211.10 billion per month.”
Regarding revenue collection, the report indicated that DisCos recorded a shortfall, collecting ₦291.62bn out of the ₦368.65bn billed to customers.
Additionally, the total energy received by all DisCos was 7,171.93 GWh, while the energy billed to end-use customers was 5,769.52 GWh, resulting in an overall billing efficiency of 80.45 percent.
Ikeja DisCo collected the highest revenue at ₦57.88bn, followed by Eko DisCo with ₦48.74bn. Yola DisCo collected the least revenue at ₦5.46bn.
Also, of the total revenue collected in the period, Abuja DisCo collected ₦48.60bn, Ibadan DisCo collected ₦30.35bn, Benin DisCo collected ₦22.46bn, Enugu DisCo collected ₦21.24bn, Port Harcourt DisCo collected ₦20.39bn.
Others include: Kano DisCo at ₦13.62bn, Jos DisCo collected ₦13.29bn, Kaduna DisCo collected ₦9.60bn.