Section 198 Electricity Act 2023

Section 198 of the Electricity Act 2023 is about Financial statement, annual budget and estimates. It is under Part XIX (National Power Training Institute of Nigeria) of the Act.

(1) The Institute shall, not later than the 31 January of the succeeding year, cause to be prepared a statement of its income and expenditure during the preceding financial year together with a statement of the assets and liabilities of the Institute as at the last day of that preceding financial year.

(2) The statement referred to in subsection (1) shall be audited by an independent firm of auditors appointed by the Council and shall be published within nine months in the Federal Government Gazette, a national newspaper and also submitted to the National Assembly and the Minister.

(3) The Institute shall cause to be prepared not later than 1 September in any year or such a time as may be directed by the Minister, estimates of revenue and expenditure for the ensuing financial year and when prepared they shall be submitted to the Council for approval and onward transmission to the Minister,