President Tinubu Signs Electricity Act (Amendment) Bill
President Bola Ahmed Tinubu has given his approval to the Electricity Act (Amendment) Bill, 2024, making it an official law.
This significant development was announced in a statement released on Friday (today) by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity.
The purpose of the Electricity Act (Amendment) Bill 2024 is to tackle the developmental and environmental issues faced by host communities.
The bill will also ensure that five percent of the actual annual operating expenditures of power generating companies (GENCOs) from the previous year are allocated for the progress and betterment of their respective host communities.
“The bill further provides that the funds set aside for the development of host communities will be received, managed, and administered for infrastructure development in the host communities by a reputable Trustee/Manager to be jointly appointed by the respective GENCO and their host community,” the statement read.
The bill, sponsored by the esteemed Babajimi Benson, who serves as the representative for the Ikorodu federal constituency of Lagos State, was successfully passed by the House of Representatives on July 27, 2023, and later by the Senate on November 14, 2023.
