President Bola Ahmed Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.
According to the spokesperson of President Tinubu, Ajuri Ngelale, who disclosed this in a statement on Friday, the bill, initially sponsored by Honourable Babajimi Benson, who represents the Ikorodu Federal Constituency in Lagos State, was passed by both houses of parliament in July and November 2023, respectively.
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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.
