Section 95 Electricity Act 2023
Section 95 of the Electricity Act 2023 is about Fund of the N-HYPPADEC. It is under Part VIII (Establishment of the National Hydroelectric Power Producing Areas Development Commission) of the Act.
(1) The N-HYPPADEC shall establish and maintain a Fund from which shall be defrayed all expenditure incurred by the N-HYPPADEC.
(2) There shall be paid and credited to the Fund established under subsection (1) —
(a) 10% of the total revenue generated by any company or authority from the operations of any hydroelectric dams in any member State of the NHYPPADEC to strengthen its operations and services;
(b) 50% of money cue to member States of the N-HYPPADEC from the
ecological funds;
(c) without prejudice to any existing right or rights that may be accruing to
host communities under this Act or any other enactment, 5% of all revenue accruing from power generated by the various Power Generating Companies in Nigeria (GENCOs) from the member States shall be set aside for the development of the respective host communities;
(d) 5% of all revenue accruing from power generated by the various GENCOs from the member States shall be administered by N-HYPPADEC;
(e) without prejudice to the provisions of subsection (2), the Hydro Electric Power Generating Companies are exempted from the application of this levy;
(f) all money raised for the purpose of the functions of the N-HYPPADEC by way of gifts loans, grants-in-aid, testamentary disposition or otherwise; and
(g) proceeds from all other assets that may accrue to the N-HYPPADEC.
(3) The Federal Government shall contribute to the Fund by way of appropriations, through the National Assembly.
(4) The Fund shall be managed in accordance with the rules made by the Council, and without prejudice to the power to make rules under this subsection, the rules shall in particular contain previsions —
(a) specifying the manner in which the assets of the Fund of the NHYPPADEC are *o be held and regulating the making of payments into and out of the Fund; and
(b) requiring the keeping of proper accounts and records of the purpose of the Funds in such form as may be specified in the rules.
