In Q4 Of 2023, DisCos Made N294.9 Billion — NBS

NIGERIAN electricity distribution firms, or DisCos, earned N294.95 billion in revenue during the 2023 fourth quarter (Q4).

In its most recent report on power for Q4 2023, which was made public on Monday, the National Bureau of Statistics (NBS) revealed this.

In comparison to the N232.32 billion recorded in Q4 2022, NBS reported that the revenue generated by the DisCos increased by 26.96 percent.

“Revenue collected by the DISCOS during the period was N294.95 billion from N260.16 billion in Q3 2023," the bureau said.

“On a year-on-year basis, revenue generated in the reference period rose by 26.96% from N232.32 billion recorded in Q4 2022.

“Electricity supply was 6,432. (Gwh) in Q4 2023 from 5,732 (Gwh) in the previous quarter.

“However, on a year-on-year basis, electricity supply increased by 14.64% compared to 5,611 (Gwh) reported in Q4 2022.”

In the meantime, there were 12.12 million customers overall in Q4 2023 compared to 11.71 million in Q3 2023.

This indicates a 3.46 percent gain.

NBS stated: “On a year-on-year basis, customer numbers in Q4 2023 rose by 9.59 percent from 11.06 million reported in Q4 2022,” 

“Similarly, metered customers stood at 5.61 million in Q4 2023, indicating a decrease in the growth rate of 1.32% from 5.68 million recorded in the preceding quarter. On a year-on- year basis, this grew by 9.38% from the figure reported in Q4 2022 which was 5.13 million.”

According to NBS, the anticipated number of consumers for the quarter under review was 5.83 million, indicating a 3.34 percent decline from 6.03 million in Q3 2023.

Comparably, from 5.93 million in Q4 2022 to Q4 2023, estimated customers fell 1.73 percent year over year.

With 1.36 million estimated bill customers, Ibadan Electricity Distribution Company led the pack, followed by Enugu Electricity Distribution Company (709,104), Yola Electricity Distribution Company (688,164), Benin Electricity Distribution Company (676,324), and Kaduna Electricity Distribution Company (636,593).

Despite having the fewest anticipated subscribers (217,581), Ikeja Electricity Distribution Company has the greatest revenue (N59.75 million) in Q4 2023.

The federal government allocated N204.59 billion for electricity subsidies in the third quarter of last year, and it intends to spend an extra N1.6 trillion in 2024 to provide low-cost power to its inhabitants.

However, according to the federal government, arrangements are in place to pay all gas firms starting in April.