Business
Unmetered Power Consumers Drop To 7.74m
An analysis of data from the just-released second quarter 2022 report of the Nigerian Electricity Regulatory Commission (NERC) and its first quarter 2022 report shows a marginal reduction in the number of unmetered power consumers across the country.
Figures from the reports indicated that unmetered power users dropped from 7,802,427 in the first quarter of last year to 7,744,909 in the second quarter, indicating a reduction of 57,518.
Providing updates on customer complaints in the latest second quarter report, the NERC said, “In 2022/Q2, cumulatively, the Discos received 251,007 complaints from consumers, amounting to 7,620 (+3.13 per cent) more complaints than those received in 2022/Q1.”
The commission noted that “metering, billing, and service interruption were the prevalent sources of customer complaints, accounting for more than 72 per cent of the total complaints during the quarter”.
It added, “The commission has introduced initiatives to address this category of complaints such as the independent verification of Discos compliance with the capping regulation that protects unmetered customers from over-billing.”
The power sector regulator, however, stated that the Discos resolved 231,905 complaints during the review period, corresponding to a 92.39 per cent resolution rate.
On metering in the second quarter of last year, the commission said, “The huge metering gap for end-use customers remains a key challenge in the industry – it is estimated that of the 12,643,630 registered energy customers as at June 2022, only 4,898,721 (38.74 per cent) have been metered.
“A total of 167,956 meters were installed in 2022/Q2 compared to the 85,510 meters installed in 2022/Q1. By comparison, the net metering rate increased from 37.79 per cent metering in March 2022 to 38.74 per cent in June 2022.
“The meter installations increased compared to 2022/Q1 despite the winding down of the National Mass Metering Program phase 02 as a result of the uptake of the Meter Asset Provider metering scheme by most Discos.”
The commission said it had continued to engage relevant stakeholders to ensure month-on-month increments in metering rate, while instituting safeguards against over-billing of unmetered customers by setting maximum limits to the amount of energy that might be billed to an unmetered customer every month.
The President, Nigeria Consumer Protection Network, and coordinator, Power Sector Perspectives, Kunle Olubiyo, had kicked against the projection of the Federal Government on its plan to deploy six million meters before June.
He also told The Tide source that the in-coming government must take a holistic look at the power sector, stressing that a lot of things had gone wrong in the industry.
Olubiyo particularly noted that the privatisation of the successor distribution and generation companies of the defunct Power Holding Company of Nigeria in November 2013, should be reviewed.
This, he said, was particularly due to the dysfunctional outputs of the power distributors since they were privatised, adding that the 10-year moratorium on power sector privatisation would end this year.
“When this moratorium expires by October, naturally it will be without litigation because they’ve given the privatised companies 10 years. And so if in between the lines we try to shift the goal post, then litigation can arise.
“If not for the activities of the banks that are now involved in the day-to-day running of some Discos, there is no way we would have been able push out this height of impunity in the sector. People make as much as N15bn in a month and they will still have a licence for zero remittance”.
Business
Private sector gets N2.2tr credit in 30 days — CBN
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
Business
Solar Power: Host Communities Trust, Partner PIND To Light Up Ikwerre Communities
Business
NDDC Intensifies Women Empowerment Initiative Across Niger Delta
-
Politics2 days agoBuhari Administration Originated Fake PFIPC, Budget Office Tells Reps
-
Rivers2 days agoNBA Set To Inaugurate New National Executive In PH
-
Politics2 days agoCHRISTIAN FORUM PASSES CONFIDENCE VOTE ON TINUBU, WIKE, OTHERS
-
Politics2 days agoTinubu Felicitates Umahi @63, Says Works Minister Outstanding
-
Business3 days ago$50m Steel Pipe Facility: NCDMB Lauds Brentex, Assures Industry Patronage
-
Editorial2 days agoImproving Surveillance in Rivers’ Boundary Communities
-
Rivers2 days agoNaval Chief Lauds NYSC Scheme … Vows Stronger Partnership With Rivers
-
Politics2 days agoHow I Paved Way For Other Govs To Join APC — Eno
