Metering fetches N155b for Ikeja, an example for others to follow
By Jeph Ajobaju, Chief Copy Editor
Electricity distribution companies (DisCos) generated N761.2 billion revenue in 2021, an increase of 44.5 per cent above N526.8 billion in 2020, according to latest data released by the National Bureau of Statistics (NBS).
Electricity bill rose 5.98 per cent to 23,360.59 gigawatts hour (gwh) in 2021, from 22,042.28 gwh in 2020, and metered customers rose 36.2 per cent to 4.77 million in 2021 from 3.51 million in 2020.
Estimated billing reduced 16.32 per cent year-on-year (YoY) from 6.86 million to 5.74 million in 2021.
Ikeja Electric Distribution Company (IEDC) had the highest number of metered customers, billed 4,088.62 gwh, and topped the revenue charts with N155.01 billion, up 51.8 per cent on 2020.
Yola Electricity Distribution Company (YEDC) made the least revenue at N9.8 billion.
According to the NBS, metered customers increased 33.8 per cent from 2020 to 45.4 per cent in 2021, due to the mass metering programme of the federal government.
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Metering programme
Central Bank of Nigeria (CBN) Governor Godwin Emefiele disclosed at his last Monetary Policy Committee (MPC) briefing that the bank disbursed N4708 billion for the procurement and installation of 865,956 meters.
“To improve electricity supply in order to lower the overall cost of production in the real sector, the Bank also intervened in the power sector to facilitate the deployment of enabling infrastructure,” he said.
“Summarily, the sum of N2.53 billion was disbursed to Distribution Companies (DisCos) for their Operational Expenditure (OpEx) and Capital Expenditure (CapEx), under the Nigeria Electricity Market Stabilisation Facility – Phase 2 (NEMSF-2).
“Cumulative disbursement under the NEMSF-2 currently stands at N254.46 billion. Under the National Mass Metering Programme (NMMP), the Bank disbursed N47.82 billion for the procurement and installation of 865,956 meters across the country.”
Total national power customer base grew 1.4 per cent from 10.37 million in 2020 to 10.51 million in 2021 largely due to 12.5 per cent rise in Abuja Electricity Distribution Company (AEDC) and 13.8 per cent rise in Ikeja, per Nairametrics.
Ibadan Electric had the highest number of estimated bills for customers in 2021 (1.3 million) followed by Enugu (726,176). Ikeja had the least (248,055).
DisCos by revenue
Ikeja topped the revenue graph in 2021, followed by other DisCos as follows:
- Ikeja – N155.01 billion (up 51.8 per cent on N102.1 billion in 2020).
- Eko – N119.88 billion (up 47.3per cent on N81.39 billion). Billed 3,159.2 gwh
- Abuja – N117.44 billion (up 48.6 per cent on N79.03 billion). Billed 2,677 gwh
- Ibadan – N89.59 billion
- Enugu – N69.14 billion
- Benin – N51.99 billion
- Kano – N46.67 billion
- Port Harcourt – N46.67 billion
- Kaduna – N30.38 billion
- Jos – N24.59 billion
- Yola – N9.8 billion
Ikeja shows there is a positive correlation between metered customers and revenue generation, a cue for other DisCos to migrate from estimated billion to metering.
