By Adadareporters
President Bola Ahmed Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.
The bill was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023. It was sponsored by Honourable Babajimi Benson, representing Ikorodu Federal Constituency of Lagos State.
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 expenditure of power generating companies (GENCOs) from the preceding year for the development of their respective host communities.
Ajuri Ngelale, special adviser to the president, media and publicity, said in a release that, “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.”
