With the approval of new Electricity Act 2023 by President Tinubu , electricity business in Nigeria will now be available to everybody as the case with other countries of the world . It is only in Nigeria that electricity supply will be used as campaign issues . Nigeria has been left behind by the rest of the world because of epileptic supply of electricity.
Good Governance Ministry (GGM) however ,congratulates Nigerians for being part of this history . GGM calls on President Tinubu to withdraw the existing licenses in the power sector for non-performance as well as creating a level playing ground for investors . It is a new dawn in the electricity transactions in Nigeria.
The new bill seeks to promote private sector investments in the Nigerian power sector and de-monopolise the nation’s electricity generation, transmission and distribution at the national level.
These are some of the benefits of the electricity act 2023.
The passage means that anyone may construct, own, or operate an undertaking for generating electricity not exceeding one megawatt in
aggregate at a site, or an undertaking for distribution of electricity with a
capacity not exceeding 100 kilowatts in aggregate at a site, or such other
capacity as the Commission may determine from time to time, without a licence.
Electricity generation licensees are obligated to meet renewable generation obligations as may be prescribed by the Nigerian Electricity Regulatory Commission.
Electricity generating companies will be mandated to either generate power from renewable energy sources, purchase power generated from renewable energy or procure any instrument representing renewable energy generation.
Lawmakers are granted the power to carry out oversight responsibilities and function over the NESI through its respective Committees on Power in the Senate and House of Representatives.
Empowerment of states, companies, and individuals to generate, transmit and distribute electricity.
States can regulate their electricity markets by issuing licences to private investors who can operate mini-grids and power plants within the state. However, the Act precludes interstate and transnational electricity distribution.
The Nigerian Electricity Regulatory Commission will be able to regulate the electricity sector within Nigeria.
The commission can transition regulatory responsibilities from itself to state regulators when they are established.
Until a state has passed its electricity market laws, NERC will continue to regulate electricity businesses in such states.
For now, only three states -Lagos, Edo and Kaduna—have electricity market laws and can start regulating their markets. But for other
states without such laws, NERC will regulate their electricity generation ,
transmission and distribution.
South east Governors,you have no reason or excuse for under-development .