Section 179 Electricity Act 2023
Section 179 of the Electricity Act 2023 is about Funds of the NEMSA. It is under Part XVIII (Nigerian Electricity Management Services Agency) of the Act.
(1) The NEMSA shall establish and maintain a Fund from which shall be defrayed all expenditure incurred by the NEMSA and into which shall be paid and credited —
(a) fees, charges, and any other income accruing to the NEMSA from certifications and other things done by it under this Act, excluding fines or penalties recovered under this Act;
(b) grants of money or other property, upon such terms and conditions as may be specified. by the person or organisation making the grants, provided that such terms and conditions are consistent with the objectives and functions of the NEMSA under this Act;
(c) funds allocated to the NEMSA by the National Assembly, under a request by the NEMSA for additional funds required to meet its reasonable expenditures; and
(d) such other money as may vest in or accrue to the NEMSA, whether in the course of its operations or otherwise.
(2) There shall be paid into the Fund established under subsection (1) such payments as may be made to the NEMSA by the Federal Government for the running expenses of the NEMSA and all other assets accruing to the NEMSA.
(3) The NEMSA may apply the proceeds of the Fund established under this section to
(a) the cost of administration of the NEMSA;
(b) reimburse members of the Governing Board or of any committee set up by the Governing Board for such expenses as may be expressly authorised by the Governing Board in accordance with the rates as provided by extant rules and regulations;
(c) the payment of salaries, fees or other renumeration, allowances, pensions and gratuities payable;
(d) the maintenance of any property vested in the NEMSA;
(e) any other expenditure in connection with the functions of the NEMSA; and
(f) remuneration and allowances of the Governing Board members in accordance with existing Government regulations.
(4) The chief executive officer shall perform all duties as may be stipulated by Government Financial Regulations.
(5) The NEMSA shall prepare and submit through its Governing Board to the Minister on or before 31 October of each year a budget showing the expenditures which the NEMSA proposes to incur in respect of the next financial year in order to carry out the functions of the NEMSA,
