President Bola Tinubu has officially signed the Electricity Act (Amendment) Bill of 2024 into law.
The bill, which went through the legislative process, was initially passed by the House of Representatives on July 27, 2023, and later approved by the Senate on November 14, 2023. It was championed by Honourable Babajimi Benson, the representative of Ikorodu Federal Constituency in Lagos state.
The Special Adviser on Media and Publicity, Ajuri Ngelale, said the Electricity Act (Amendment) Bill, 2024, “seeks to address the development and environmental concerns of host communities, and sets aside five percent of the actual annual operating expenditures of power generating companies (GENCOs) from the preceding year for the development 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”
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