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, despite marginal growth in electricity supply.
Data from the Nigerian Electricity Regulatory Commission (NERC), analysed by Financial Vanguard, showed that electricity supply increased 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.
The data also revealed that average available generation capacity dropped by 41 per cent, from 7,565.5 megawatts (MW) to 4,456MW over the same period.
On an annual basis, DisCos’ revenue surged by about 666 per cent, from N302.93 billion in 2016 to N2.32 trillion in 2025. However, average daily power generation grew by only 36 per cent, from 3,276MW to 4,475MW.
The widening gap between revenue collection and electricity supply has raised concerns over service delivery, 13 years after the privatisation of Nigeria’s power sector.
NERC data further showed that DisCos failed to collect N700.53 billion in the first half of 2026. The utilities received energy worth N1.9 trillion from the market but collected only N1.2 trillion from consumers.
Meanwhile, the Rural Electrification Agency estimates that about 85 million Nigerians still lack access to electricity.
