Nigeria’s electricity distribution companies have raked in a total sum of N887.86bn as revenue in the first seven months of 2024 following the tariff increase for Band A customers and improved revenue collection, findings by The PUNCH have shown.
However, after an intense public uproar, NERC announced an 8.1 per cent reduction to N206.
8/kWh in the electricity tariff rate for Band A customers.
With this considerable rise in revenue, the Discos are expected to plough back part into building the much-needed investment in infrastructure.
Recall that the government in May secured a $500m loan from the World Bank to fund electricity Distribution Companies.
An analysis of the Central Bank’s quarterly statistics, showed that the power sector reduced its loans from N1.
12tn in January 2024 to N1.08tn in June.
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