Nigerians Pay N210bn To Use Electricity In 3 Months

Nigerians Pay N210bn To Use Electricity In 3 Months

Nigerians paid a total amount of N210.17 billion to power distribution companies across the country to enjoy electricity supply.

According to the Nigerian Electricity Regulatory Commission (NERC), which made this disclosure, the aforementioned figure was spent on power supply in the fourth quarter of last year (2021).

In its Quarterly Report for Fourth Quarter 2021 cited by BizWatch Nigeria, it was disclosed therein that the N210.17 billion represented 9.34% of the total electricity bill given to consumers by electricity distribution companies during the period.

“The total revenue collected by all Discos in 2021/Q4 was N210.17bn out of N303.11bn billed to customers – corresponding to a collection efficiency of 69.34 per cent (70.89 per cent in 2021/Q3).

“Compared to 2021/Q3, the total billing by Discos increased by N30.12bn (+11.03 per cent) while the revenue collected increased by only N16.64bn (+8.60 per cent), hence the reduction in overall collection efficiency in 2021/Q4,” the report read partly.

On remittance to Nigerian Bulk Trading (NBET), the NERC disclosed that out of the total invoice of N205.18 billion issued by the agency to Discos, it was expected to receive N160.13 billion but it got only N109.45 billion during the quarter.

“Overall, the total Disco remittance performance to NBET was 68.34 per cent of the expected market remittance for 2021/Q4 compared to 65.08 per cent (N100.16bn remitted against an invoice of N153.90bn) in 2021/Q3.

“During 2021/Q4, Eko and Jos Discos surpassed their MRT to NBET by 32.64 per cent (+4.87 billion) and 0.86% (+0.03 billion) respectively,” it added.

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