The first quarterly report of the Nigerian Electricity Regulatory Commission shows that the Nigerian government paid N633.30 billion as electricity subsidy in the first quarter of 2024. The N633.30 billion represents a 150.5% increase from the N252.76 billion paid by the government in the fourth quarter of 2023.
The strong increase is the result of the government’s policy of harmonizing the exchange rate and not enforcing rates across all electricity distribution companies.
The Distribution Company (DisCo) reported net income despite heavy subsidies, receiving only Rs291.62 billion out of the Rs368.65 billion paid to customers.
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Ikeja DisCo topped the revenue chart, followed by Eko DisCo and Yola DisCo with revenues of 57.88 billion, 48.74 billion and 5.46 billion respectively.
