- Nigerians spent N565.2 billion paying for electricity in 2021, representing a 51.1 per cent increase in the same period last year
- Electricity consumption spiked to 7.5 per cent year-on-year to 17.29 TWh from January to September of 2021
- Ikeja Electric saw the highest collection of electricity bill in the same period at N114..89 billion in 2021
Electricity consumption made Nigerians to part with the sum of N565.2 billion in the year 2021. This is a 51.1 per cent increase compared to N372.92 billion at the same time in 2020.
Data from the key operational and financial statement for the Nigerian Electricity Supply Industry (NESI) that was released by the Nigerian Electricity Regulatory Commission (NERC) confirmed this.
The Eleven DisCos analysed
Nairmetrics report says that the amount was collected by the 11 firms giving electricity in Nigeria, showing a 68.77 per cent collection in comparison to N821.8 billion which was billed consumer in the same period last year.
Also, the report says that consumption went up by 7.5 per cent year-on-year to 17.29 TWh in the three quarters of 2021.
The gain is attributable to hike in tariff in the final part of 2020. However, Ikeja Electric, the biggest DiCos in Nigeria, recorded the biggest revenue in the period in review.
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Ikeja Electric leads the pack
N114.89 billion revenue was collected by Ikeja Electric from January and September of 2021, representing an 84 per cent revenue efficiency, while Eko Electric followed with N87.87 billion collection efficiency at 83.3 per cent.
Collection a lot, remitting little
For every month, the billing stood at N91.3 billion last year in comparison to an average monthly billion of N68 billion recorded the previous year.
DisCos in Nigeria paid a sum of N121.5 billion to the industry operator (MO) in the period under review, with Abuja Electric have the highest amount paid at N18.2 billion followed by Ibadan Electric, with N17.35 billion.
Debt servicing gulps 98% of Nigerian govt retained revenue in 2021, as salaries, others are funded with loans
New electricity tariff introduced
Legit.ng reported that The federal government through the Nigerian Electricity Regulatory Commission (NERC) has directed the Electricity Distribution Companies (DisCos) in the country to increase their tariffs effect from 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 reference number 023/EKEDP/GMCLR/0025/2021.
According to the tariffs would increase between N42.44 to 58.94 depending on their class. The new increment is expected is to remain implemented till December before a further increase in January 2022.