Section 142 Electricity Act 2023

Section 142 of the Electricity Act 2023 is about Establishment of the Rural Electrification Fund. It is under Part XVI (Rural Electrification Agency) of the Act.

There is established the Rural Electrification Fund (in this Act referred to as “the REF ”) into which money from the following sources shall be paid and credited with —
(a) any operating surplus of the Commission determined after annual audited account of the Commission and paid directly into the REF within 30 days following the audit of the Commission’s account in accordance with
section 56 of this Act;

(b) any fines and penalties imposed and collected by the Commission in the enforcement of the provisions of this Act or regulations made by the Commission which shall be paid directly to the REF within 30 days of collection;
(c) any donations, 3rants, gifts, assistance or loans made by local or international, bilateral or multilateral agencies or non -governmental organisations, the private sector, Federal or State Governments, local communities, businesses, or any other entity;

(d) any special intervention fund as may be provided by the Federal, State or Local Government of the Federation;
(e) endowments, bequests, gifts, whether of money, y movable or immovable property from private foundations, trusts or other sources not contrary to the objectives of the Agency and national security;

(f) funds appropriated by the National Assembly for the realisation of the objectives of the Agency and performance of its functions under this Act; and

(g) 2% of funds accruable to the Commission from the tariff structure as operational cost.