DisCos’ revenue rose by 17% to N291bn in Q1 2024-NBS.

DisCos’ revenue rose by 17% to N291bn in Q1 2024-NBS.

By:Fly Cable News

The electricity distribution companies (DisCos) in Nigeria has made a total of N291.62 billion in the first quarter (Q1) of 2024, the National Bureau of Statistics (NBS) reveals.

According to NBS, in its latest report on electricity for Q1 2024, released on Sunday, June 23 also said there was a decline in electricity supply in the period reviewed.

The revenue by DisCos rose by 17.91 percent compared to the N247.33 billion recorded in Q1 of 2023, the bureau said.

The bureau, power supply dropped from 6,432.22 gigawats per hour (Gwh) in Q4 2023 to 5,769.52 (Gwh) in Q1 2024 but on a year-on-year basis, electricity supply decreased by 1.41 percent compared to 5,851.87 (Gwh) reported in Q1 2023, NBS said.

“Revenue collected by the DisCos during the period was N291.62 billion from N294.95 billion in Q4 2023, “ the report reads.“On a year-on-year basis, revenue generated in the reference period rose by 17.91% from N247.33 billion recorded in Q1 2023.”

The NBS also said the total number of customers stood at 12.33 million in Q1 — up from 12.12 million in Q4 2023 — representing an increase of 1.78 percent.

“On a year-on-year basis, customer numbers in Q1 2024 rose by 9.47% from 11.27 million reported in Q1 2023,” the bureau said.

“Similarly, metered customers stood at 5.91 million in Q1 2024, indicating a growth of 5.38% from 5.61 million recorded in the preceding quarter.

“On a year-on-year basis, this grew by 11.26% from the figure reported in Q1 2023 which was 5.31 million.”