Section 129 Electricity Act 2023

Section 129 of the Electricity Act 2023 is about Functions and powers of the Agency. It is under Part XVI (Rural Electrification Agency) of the Act.

(1) For the furtherance of its objectives under section 128 of this Act, the functions of the Agency are to —-

(a) promote universal access to affordable and sustainable electricity thereby unproving the quality of life and economic opportunities for rural, unserved and underserved communities;

(b) provide access to reliable electric power supply for rural, unserved and underserved dwellers in a way that would allow for reasonable return on investment through appropriate tariffs that are economically responsive
and suppottive of the average rural customer;

(c) oversee, manage end execute the funding of the Rural Electrification Fund in accordance with the operational guidelines approved by the Board;

(d) the Agency shall promote the exploitation, utilisation and development of
renewable energy sources in accordance with the regulations or other subsidiary legislation issued by the Commission and collaborate with relevant Federal ministries, departments and agencies and State Boards for Rural Electrification responsible for the development, promotion, management, anc utilisation of renewable energy sources;

(e) provide learning opportunities to educate interested communities, students and individuals on the opportunities for rural, unserved, and underserved electrification business ventures;

(f) promote the use of low-cost options in rural, unserved and underserved electrification projects that apply for subsidy grants towards Start-up cost;

(g) advocate and facilitate for tax incentives, investment capital allowance and low interest loans for local producers of renewable energy products for electrification;
(h) encourage the economic growth of rural, unserved and underserved communities through rural electrification projects; and
(i) perform such other ancillary functions which are necessary and incidental to its objectives and functions under this Act or any other Act of the National Assembly,

(2) In the performance of its functions, the Agency shall consult such persons or groups of persons who may or are likely to be affected by its projects or programmes, including investors or renewable energy companies, renewable energy user cooperatives, State Rural Electrification Boards, interested parties and other stakeholders.

(3) For the achievement of its objectives and functions under subsection (1) and (2), the Agency is vested with powers to —
(a) insure its property against any loss or all forms of risks:
(b) acquire, purchase, hold, construct or maintain any property whatsoever whether movable or immovable required for or in connection with the performance of its functions and to sell, dispose of or otherwise deal with
such property or any part of it;

(c) establish zonal offices and maintain liaison and state offices for the performance of such functions as the Agency may determine;
(d) foster gender mainstreaming in rural electrification activities;

(e) in accordance with the provisions of this Act, receive, manage and disburse funds accruing to the REF established under section 142 of this Act for the carrying out of approved projects;
(f) collect, collate, process and disseminate rural electrification data and information; and
(g) perform any other thing necessary and instrumental to the performance of its functions under this Act.