NewzSupply grows by 4.8% Available plant capacity falls by 41% 13 years of privatisation yield little results FG turns to bonds to tackle N6trn debt Power supply has improved, Power Minister insists Consumers, experts react Revenue collected by Nigeria’s electricity Distribution Companies (DisCos) rose by about 450 per cent in eight years, from N218.16 billion in the first half of 2018 to N1.2 trillion in the corresponding period of 2026, far outpacing growth in electricity supply over the period. Data from the Nigerian Electricity Regulatory Commission (NERC), analysed by Financial Vanguard, showed that while DisCos’ revenue increased by about N983.04 billion, total electricity supply grew by only 4.8 per cent, from 16,861 gigawatt-hours (GWh) in the first half of 2018 to 17,668GWh in the first half of 2026, even as their debt profile in the last six months hits N700billion. The data also indicated that average available generation capacity declined by 41 per cent, from 7,565.5 megawatts (MW) in the first half of 2018 to 4,456MW in the corresponding period of 2026.
On an annual basis, DisCos’ revenue increased by about 666 per cent in ten years, from N302.93 billion in 2016 to N2.32 trillion in 2025, highlighting the widening gap between revenue growth and improvements in electricity supply. NERC data showed that while DisCos’ annual revenue rose by about N2.016 trillion over the period, average daily power generation increased by approximately 36 per cent, from 3,276MW in 2016 to 4,475MW in 2025. The disparity has raised concerns about the extent to which increased revenue collections have translated into improved electricity supply and service delivery to consumers, 13 years after the privatisation of the power sector.
In the same vein, data from NERC showed that in the first half of 2026, DisCos failed to collect N700.53 billion. It indicated that while the utilities received N1.9trillion worth of energy from the market, they collected N1.2trillion from consumers, leaving a balance of N700 billion. The Rural Electrification Agency (REA) has estimated that about 85 million Nigerians still lack access to electricity.
In 2016, DisCos collected N302.925 billion, while total annual electricity supply stood at 23,742GWh. By 2025, revenue had risen by about 666 per cent to N2.3188 trillion, while annual electricity supply increased by 31.6 per cent to 31,251GWh. Read Also: NLC, Falana, activists rally Nigerians against petrol price hike, hardship Data from the Nigerian Electricity Regulatory Commission (NERC), analysed by Financial Vanguard, showed that while DisCos’ revenue increased by about N983.04 billion, total electricity supply grew by only 4.8 per cent, from 16,861 gigawatt-hours (GWh) in the first half of 2018 to 17,668GWh in the first half of 2026, even as their debt profile in the last six months hits N700billion.
By 2025, revenue had risen by about 666 per cent to …
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