Electricity distribution companies (Discos) in Nigeria generated more revenue in the nine months that ended September 30, 2023 even as power supply to households, firms and government agencies worsened during the period.
According to the latest data on electricity supplied to regions in Nigeria by the National Bureau of Statistics (NBS), the 11 electricity distribution companies generated N770.57 billion from January to September 2023, amounting to an increase of 29.32 percent when compared to N595.77 billion realised by the same firms in the corresponding period of 2022.
It should be recalled that in 2023, the national grid collapsed 12 times, throwing the nation into darkness and confusion.
Expectedly, the Ikeja Electricity Distribution Company (Ikeja Disco) generated the most revenue among the 11 Discos during the period. With a nine-month revenue of N158.86 billion, Ikeja Disco recorded an improvement of 31.99 percent over the N120.36 billion generated in the nine months that ended in September 2022.
Eko Disco realised N127.41 billion, an increase of 42.84 percent over N89.20 billion generated in the similar period of 2022. Both Discos from Lagos State, Nigeria’s commercial capital, generated N286.27 billion, representing 37.2 percent of the total revenue realised by the 11 Discos from January to September 2023.
Abuja Disco realised N121.16 billion during the same period, an increase of 34 percent over the N90.41 billion realised in similar period of 2022.
With a revenue of N79.48 billion, Ibadan Disco recorded an improvement of 18.3 percent over the N67.19 billion it generated in the comparable period of 2022.
The Benin Disco realised N62.24 billion, amounting to an increase of 28.56 percent when compared to N48.41 billion the firm made from January to September of 2022.
Enugu Disco realised N59.14 billion, compared to N52.72 billion in 2022; Port Harcourt, N54.48 billion compared to N40.97 billion in 2022; Kano, N40.92 billion as against N34.91 billion in comparable period of 2022; Jos Disco, N28.01 billion as against N21.51 billion in 2022; Kaduna Disco, N23.28 billion as of Q3 2023 as against N20.66 billion in similar period of 2022, while Yola Disco made N15.6 billion as of Q3 2023 compared to N9.43 billion as of Q3 2022.
Meanwhile, only six out of the 11 Discos recorded improved power supply in their regions of operations. In other Discos, power supply either remained flat or deteriorated.
Electricity supply by the Abuja Disco improved by 14.7 percent during the period, from 646 GWh in Q3 2022 to 741 GWh as of Q3 2023. It also improved within regions covered by the Yola Disco from 107.40 GWh to 153.58 GWh.
Areas under the coverage of Ikeja, Eko, Ibadan, and Port Harcourt Discos experienced some power supply improvement. It improved from 828.63 GWh to 1,121.05 GWh in areas covered by Ikeja Disco. For areas under Eko Disco, it rose from 639 GWh to 858 GWh.
In areas under Ibadan Disco, power supply rose from 595.82 GWh to 674.55 GWh during the same period. In Port Harcourt Disco, electricity supply rose from 405.72 GWh to 432.10 GWh during the same reference period.
There was a paltry 1.7 percent increase in areas under Jos Disco as electricity supply rose from 258.16 GWh to 262.56 GWh during the same period.
Electricity supply remained flat in areas covered by the Benin Disco as supply moved from 534.24 GWh to 537.36 GWh.
However, electricity supply decreased in areas under the coverage of Kano, Kaduna and Enugu Discos. It fell from 303 GWh to 287.81 GWh in areas under Kano Disco and also declined from 258 GWh to 243.60 GWh in areas under Kaduna Disco, just as it fell from 450 GWh to 420 GWh in areas under Enugu Disco.
It should be noted that in January 2024, the Federal Government of Nigeria transferred its equity holdings in the 11 distribution companies in the country from the Bureau of Public Enterprises (BPE) to the Ministry of Finance (MOFI).
