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© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

Nigerian DisCos Remit ₦706.73 Billion in 2023, NERC Reports

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: September 23, 2024
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The Nigerian Electricity Regulatory Commission (NERC) has announced that power distribution companies (DisCos) across Nigeria remitted ₦706.73 billion in 2023, Okay.ng reports.

In its 2023 annual report and accounts, released on Monday, NERC revealed that DisCos received a total invoice of ₦858.03 billion for energy purchased from the Nigerian Bulk Electricity Trading (NBET) and service charges by the Market Operator (MO).

Despite the significant remittance, the DisCos accrued a deficit of ₦151.3 billion, achieving an overall remittance performance of 82.37%.

According to NERC, NBET issued invoices amounting to ₦685.69 billion, while the MO’s service charges for the year totaled ₦172.33 billion.

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NERC said: “Out of the ₦685.69 billion invoice issued by NBET in 2023, DisCos remitted ₦578.43 billion translating to a remittance performance of 84.34%.

“The top performing DisCos were Eko (105.76%), Yola (105.24%), Ikeja (96.20%), Benin (95.15%) and Ibadan (93.11%).

“Conversely, Kaduna DisCo recorded the lowest remittance performance to NBET in 2023 (17.59%).

“The MO invoice in 2023 was ₦172.33 billion, and the DisCos remitted ₦128.40 billion, translating to a 74.51% remittance performance rate. The top-performing DisCos were Yola (90.91%), Eko (90.85%) and Ikeja (90.38%) with remittances above 90% to the MO in 2023.”

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ByMuhammad A. Aliyu
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Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
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