President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.
Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed this in a statement he signed Friday titled ‘President Tinubu assents to Electricity Act (amendment) bill.’
The Electricity Act (Amendment) Bill 2024 seeks to “address the development and environmental concerns of host communities, and sets aside five per cent of the actual annual operating expenditures of power-generating companies from the preceding year for the development of their respective host communities” the Presidency revealed.
The bill, passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, was sponsored by Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.
It also provides that the funds allocated for the development of host communities will be received, managed, and administered for infrastructure development in the host communities by a reputable Trustee/Manager who will be jointly appointed by the respective GENCO and their host community.
