Section 54 Electricity Act 2023

Section 54 of the Electricity Act 2023 is about Surplus funds of the Commission. It is under Part V (Establishment, Functions and Powers of the Nigerian Electricity Regulatory Commission) of the Act.

(1) The Commission shall —

(a) in respect of each financial year following the audit of its accounts under section 57 of this Act, determine its operating surplus which shall be the remaining sum from the funds received under section 53 of this Act after meeting all budgeted expenditure; and

(b) within 30 days following the audit and determination of its operating surplus, pay such operating surplus directly to the REF established under section 142 of this Act.

(2) The operating surplus of the Commission as determined in accordance with the provisions of this Act shall be remitted to the REF, established as a special Fund for rural electrification, in accordance with under section 80 (1) of the Constitution of the Federal Republic of Nigeria, 1999 and such remittance shall be made notwithstanding the provisions of any Act of the National Assembly on remittances of operating surplus by government ministries, departments and agencies.