Despite epileptic power supply, electricity bills cost Nigerians 565.2 billion naira in 2021

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  • Nigerians spent 565.2 billion naira to pay for electricity in 2021, an increase of 51.1% from the same period last year
  • Electricity consumption reached 7.5% year-on-year to reach 17.29 TWh from January to September 2021
  • Ikeja Electric recorded highest electricity bill collection in same period at 114.89 billion naira in 2021

Electricity consumption allowed Nigerians to part with the sum of 565.2 billion naira in 2021. This is an increase of 51.1% compared to 372.92 billion naira at the same time. time in 2020.

The key operational and financial state of the Nigerian Electricity Supply Industry (NESI) data that has been released by the Nigerian Electricity Regulatory Commission (NERC) has confirmed this.

The Eleven DisCos analyzed

The Nairmetrics report states that the amount was collected by the 11 companies providing electricity to Nigeria, showing a collection of 68.77 percent against the 821.8 billion naira that was billed to the consumer over the course of the same period last year.

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In addition, the report states that consumption increased 7.5% year-on-year to 17.29 TWh in the three quarters of 2021.

The gain is attributable to the tariff hike in the latter part of 2020. However, Ikeja Electric, the largest DiCos in Nigeria, recorded the largest revenues during the period under review.

Power plant in Nigeria
Power plant in Nigeria
Source: UGC

Ikeja Electric leads the pack

Revenues of 114.89 billion naira were collected by Ikeja Electric from January to September 2021, representing a revenue efficiency of 84 percent, while Eko Electric followed with a collection efficiency of 87.87 billion. naira at 83.3%.

Collect a lot, pay a little

For each month, billings were 91.3 billion naira last year compared to the average monthly one billion naira 68 billion recorded the previous year.

DisCos in Nigeria paid 121.5 billion naira to the industrial operator (MO) during the period under review, with Abuja Electric having the highest amount paid at 18.2 billion naira followed by Ibadan Electric, with 17.35 billion naira.

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New electricity tariff introduced

Legit.ng reported that the federal government, through the Nigerian Electricity Regulatory Commission (NERC), has ordered the country’s electricity distribution companies (DisCos) to increase their tariffs effective September 1, 2021 .

The Guardian reported that the spike was contained in a document from the Eko Electricity Distribution Company, dated August 25, 2021, with the reference number 023 / EKEDP / GMCLR / 0025 // 2021.

Depending on the tariffs would increase between N42.44 to 58.94 depending on their class. The new increase is expected to remain in effect until December before a further increase in January 2022.

Source: Legit.ng


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