What do you believe is the single most important factor driving up the cost of living in Nigeria?

This information emerges as stakeholders in the sector decreased their borrowings from commercial banks by N28.82bn.

According to an analysis of data released by the Nigerian Electricity Regulatory Commission, which contains Discos’ commercial performance for the seven months, the distribution companies had billed a total of N1.114tn over the period under review but were able to collect N887.86bn, achieving 79.7 per cent revenue collection efficiency in the country.

During the previous period of 2023, the companies issued bills totalling N797.18bn, while they managed to collect N604.15bn.

After about two years of tariff freeze in the power sector, the Federal Government had in April increased the rate paid per kilowatt-hour of electricity from about N68 to N225 for Band A customers, who it said consistently enjoyed 20 hours of supply daily.

However, after an intense public uproar, NERC announced an 8.1 per cent reduction to N206.8/kWh in the electricity tariff rate for Band A customers. The hike in electricity tariffs has put many Nigerians under heavy energy bills.

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