In the first seven months of 2024, Nigerian power distribution businesses’ revenue rose to N887.86 billion due to an increase in electricity tariffs.

The examination of data from the Nigerian Electricity Regulatory Commission regarding the commercial success of discos for the first seven months of 2024 points to this.

The information demonstrated that during the time under examination, the businesses reported 79.7 percent collection efficiency, or N887.86 billion, out of the N1.14 trillion in electricity bills that they issued to customers.

Discos collected N95 billion, N97 billion, N100.44 billion, N142.92 billion, N191.65 billion, N150.86 billion, and N162.14 billion in bills between January and July 2024, totalling N887.86 billion.

Further investigation showed that during the similar period in 2023, the companies issued bills totaling N797.18 billion, while they managed to collect N604.15 billion.

This increase in revenue collection is not unrelated to the April increase in energy prices from N66 to N225 per kilowatt-hour.

Remember that the power price hike was reviewed lower to 206.68 per kilowatt-hour during the request for its reversal, but it was then reviewed upward to N209 per kilowatt-hour.

Despite the fact that the increase in electricity rates was only applicable to those who received at least 20 hours of power, Nigerians have bemoaned the hardship caused by the tariff.

As more customers switch to Band A feeds due to Discos, the agony associated with energy costs has intensified.

Nevertheless, Nigeria’s energy tariff is among the lowest in Africa, according to Minister of Power Adebayo Adelabu.