Business

Number of metered electricity consumers rises by 48.5% – NBS report

Published

4 months ago

August 22, 2024

prepaid meters

Number of metered electricity consumers rises by 48.5% – NBS report

The number of metered electricity consumers in Nigeria grew by 48.5% between 2019 and the first quarter of 2024, according to data from the National Bureau of Statistics (NBS).

The analysis revealed that in 2019, metered consumers nationwide totaled 3,976,940. This figure rose steadily to 5,907,644 by Q1 2024, highlighting significant progress in metering over the five-year period.

The NBS data shows incremental growth, with metered users increasing to 4,138,043 in 2020, 4,773,217 in 2021, 5,125,009 in 2022, 5,605,842 in 2023, and finally 5,907,644 in early 2024. This represents annual growth rates of 4.1%, 15.4%, 7.4%, 9.4%, and 5.3%, respectively.

Experts see this growth as a positive sign for the electricity sector, reflecting a decline in the number of consumers subject to estimated billing, a practice that has long been criticized for its lack of transparency and fairness.

However, the NBS also reported an 11.6% rise in the number of consumers on estimated billing during the review period. The number of customers billed on estimates increased from 5,758,026 in 2019 to 6,426,355 in the first quarter of 2024, despite fluctuations, including a peak of 6,227,870 in 2020 and a dip to 5,741,365 in 2021.

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The persistence of estimated billing continues to raise concerns about billing accuracy, highlighting the need for further expansion of metered connections.

The data also showed disparities among electricity distribution companies (DisCos). Ibadan Electricity Distribution Company recorded the highest number of customers on estimated billing at 1,411,102, while Eko Electricity Distribution Company had the lowest at 255,271.

Other DisCos reported significant numbers of unmetered customers, including Abuja (564,727), Benin (688,081), Enugu (765,662), Ikeja (219,632), Jos (495,449), Kaduna (639,395), Kano (465,048), Port Harcourt (231,384), and Yola (690,604).

Earlier this year, the Minister of Power, Adebayo Adelabu, pledged to significantly address the issue of estimated billing by the end of 2024. During a visit to power facilities in Ibadan, he stressed the importance of collaboration with stakeholders to tackle challenges in the sector, especially the metering gap, which currently leaves around 50% of consumers unmetered.

“Citizens are tired of estimated billing because it often leads to cheating between consumers, staff, and the company,” Adelabu said. “Before the end of this year, we aim to eliminate estimated billing, ensuring transparency and objectivity in our billing system.”

Number of metered electricity consumers rises by 48.5% – NBS report

Related Topics:electricity consumers National Bureau of Statistics

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Lagos Rail Mass Transit part of FG free train ride – NRC

Published

18 hours ago

December 21, 2024

Trends Admin

Lagos Rail Mass Transit part of FG free train ride – NRC

The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.

The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).

This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.

While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.

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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.

“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.

Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.

He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.

Lagos Rail Mass Transit part of FG free train ride – NRC

Business

NNPC denies claim of Port Harcourt refinery shutdown

Published

19 hours ago

December 21, 2024

Trends Admin

Port Harcourt refinery

NNPC denies claim of Port Harcourt refinery shutdown

The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.

The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.

Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.

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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.

“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”

He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”

NNPC denies claim of Port Harcourt refinery shutdown

Business

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

Published

2 days ago

December 20, 2024

Trends Admin

CBN Governor, Olayemi Cardoso

CBN permits BDCs to buy up to $25,000 FX weekly from NFEM

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).

This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.

The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.

The arrangement will be in effect from December 19, 2024, to January 30, 2025.

Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.

Transactions to occur at the prevailing NFEM rate

The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.

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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.

The circular read in part:

“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).

This window will be open between December 19, 2024 to January 30, 2025.

“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”

The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”

These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.

This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.