Section 159 Electricity Act 2023
Section 159 of the Electricity Act 2023 is about Accounts and audits. It is under Part XVI (Rural Electrification Agency) of the Act.
(1) The Agency shall keep proper and regular accounts and other records of money received and paid by the Agency and of the several purposes for which the money have been received o: paid, and of its assets, credits and liabilities.
(2) The Agency shall do all things necessary io ensure that all payments out of the REF and bank accounts are correctly made and properly authorised and that adequate control is maintained over the assets in its custody and over the expenditures incurred by the Agency.
(3) The Board shall cause the accounts of the Agency to be audited quarterly and shall be externally audited once every year.
(4) The Auditor-General tor the Federation shall —
(a) inspect and audit the accounts and records of financial transaction of the Agency;
(b) inspect records relating to assets of the Agency; and
(c) draw the attention of the Minister to any irregularity disclosed by the inspection and audit.
(5) The Auditor-General may dispense with all or any part of the detailed inspection and audit of any account or record referred to him under this section.
(6) The Auditor-General or an officer authorised by him is entitled at all reasonable time to a full and free access to all accounts, records, documents and papers of the Agency relating directly or indirectly to the receipt or payment of money by the Agency or to the acquisition, receipt, custody or disposal of assets by the Agency.
(7) The Board shall forward a copy of the audited financial statements of the Agency, upon preparation to the Minister for onward transmission to the National Assembly, together with any report or observation made by the auditors and the Auditor-General on the statement of acccunts.
(8) The audited accounts of the Agency and the Auditor-General’s report on those accounts shall form part of the Auditor-General’s overall annual report to the National Assembly.
