According to the latest Electricity Report for the first quarter of 2023 released by the National Bureau of Statistics (NBS), electricity distribution companies (Discos) in Nigeria experienced a significant increase in revenue, even though there was a decline in supply.

The report revealed that in Q1 2023, Discos generated N247.33 billion in revenue, marking a 20.81% rise compared to the N204.74 billion recorded in the same period of the previous year.

However, electricity supply decreased from 5,956 Gigawatt hours (Gwh) in Q1 2022 to 5,852 Gwh in Q1 2023, reflecting a 1.74% drop.

The report also highlighted an increase in the total number of customers, reaching 11.27 million in Q1 2023.

Metered customers rose to 5.31 million, while estimated customers reached 5.96 million during the quarter.

The Ibadan Electricity Distribution Company had the highest customer base with approximately 2.23 million customers, followed by Abuja Electricity Distribution Company and Enugu Electricity Distribution Company.

Despite the positive revenue growth, earlier this year, electricity distribution companies quietly increased tariffs, which faced backlash from consumers.

The current report by the NBS also noted an increase in the average retail price of automotive gas oil paid by consumers in May 2023.