Private sector - Intelpoint

Thermal energy dominates Nigeria’s grid, supplying 69.9% of total power.
Hydro plants contribute 30.1%, making them the country’s second major source.
The heavy reliance on thermal generation shows Nigeria’s grid is still largely fossil-fuel driven.
Hydro remains a crucial but secondary source, supporting overall supply stability.

DisCos billed approximately ₦1.49 trillion but collected only ₦1.12 trillion in H1 2025.
Ikeja and Eko DisCos generated the highest revenues, collecting ₦206.22 billion and ₦210.59 billion, respectively.
Revenue collection gaps remain significant, with Jos, Kaduna, and Yola posting the weakest collection performances.
The wide gap between billings and actual collections suggests persistent challenges in customer payment compliance, metering, and distribution efficiency.

Approximately 3.65 million metres have been installed nationwide across all frameworks since 2019.
Ikeja DisCo leads by a wide margin with 823,000 installations, over twice the volume of most other DisCos.
Kaduna, Yola, and Aba Power recorded the lowest metre installations, each below 100,000.
The disparities in installation totals reveal uneven progress in achieving nationwide metering coverage.

Ikeja (84.6%) and Eko (83.3%) lead Nigeria’s metering performance, keeping unmetered customers below 17%.
Eight out of the twelve DisCos have metering rates below 60%, showing a wide sector imbalance.
The worst-performing DisCos — Yola, Jos, Kaduna, and Kano — have over 65% unmetered customers.
Regional disparities are sharp: Lagos and Abuja outperform northern and south-eastern DisCos by large margins.

Nigeria’s total IGR in 2024 was ₦3.7 trillion.
Lagos State generated ₦1.3 trillion, accounting for over 35% of the national IGR.
Rivers State (₦317.3 billion) and the FCT, Abuja (₦282.4 billion) ranked second and third, respectively.
The South West led regionally with ₦1.7 trillion in total IGR.
The North East recorded the lowest regional IGR at ₦129.8 billion.
Economic disparity between regions remains wide, with Lagos alone outpacing entire regions.

The South East is the only region where the revenue of MDAs (60.9%) exceeded tax revenue (39.1%).
Other regions relied more heavily on tax revenue, with the South South leading at 85.25%.
The North East and North Central followed closely, with tax contributions of 79.9% and 79.15%, respectively.
The South West generated 75.04% of its IGR from taxes, indicating a strong formal revenue structure.
The North West maintained a more balanced mix, with 58.54% tax and 41.46% MDAs’ revenue.

Nigeria’s domestic debt jumped from ₦3.8 trillion in 2010 to ₦80.55 trillion by mid-2025.
Foreign debts increased from $4.27 billion in 2010 to $46.98 billion in 2025, reflecting growing reliance on external financing.
Debt accumulation surged notably after 2020, coinciding with pandemic spending, naira depreciation, and higher fiscal deficits.
The widening gap between revenue and debt service raises questions about Nigeria’s long-term debt sustainability.

A total of ₦20.45 trillion in Internally Generated Revenue (IGR) has been recorded nationwide since 2008.
Lagos State generated ₦1.26 trillion in 2024, maintaining its position as the top revenue-generating state.
For five consecutive years, Yobe and Taraba have consistently ranked among the bottom five states in revenue generation.
FCT IGR records began in 2018.
Enugu State recorded a remarkable 433.03% year-on-year increase in 2024.
Ebonyi (–57.27%), Ondo (–24.70%), and Yobe (–0.99%) were the only states that experienced a decline in IGR in 2024.

The six North-Eastern states collectively owe around ₦450 billion in domestic debt as of Q2 2025.
Borno State maintains the lowest debt in the region at ₦22.3 billion, showing signs of controlled borrowing amid post-conflict rebuilding.
Bauchi State has the highest domestic debt burden of ₦143.6 billion, accounting for about 31% of the region’s total.
The top three states, Bauchi, Taraba and Gombe, collectively account for more than two-thirds of the zone’s total subnational debt stock.

Nigeria paid $816.3 million to the International Monetary Fund, accounting for over 35% of total external debt service payments.
Eurobond payments followed closely, with $687.8 million paid, reflecting Nigeria’s heavy reliance on commercial debt instruments.
Multilateral lenders like IDA and AfDB collectively received about $463 million, signalling continued exposure to concessional financing.
China’s share shrinking: Payments to Chinese lenders (EXIM + CDB) totalled $235.6 million, less than 11% of total outflows, suggesting reduced Chinese debt servicing in H1 2025.

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