President Bola Ahmed Tinubu has officially signed the Electricity Act (Amendment) Bill, 2024 into law. The bill, which received unanimous approval from both the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, was sponsored by Hon. Babajimi Benson, representing Ikorodu Federal Constituency of Lagos state.
In a statement released by his Special Adviser on Media and Publicity, Ajuri Ngelale, on Friday, it was revealed that the Electricity Act (Amendment) Bill, 2024 aims to address the developmental and environmental concerns of host communities. Notably, the bill mandates that five percent of the actual annual operating expenditures of power generating companies (GENCOs) from the previous year be allocated for the development of their respective host communities.
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Furthermore, the bill stipulates that the funds earmarked for the development of host communities will be received, managed, and administered for infrastructure development by a reputable Trustee/Manager jointly appointed by the respective GENCO and their host community.
President Tinubu’s signing of the Electricity Act (Amendment) Bill underscores the government’s commitment to addressing critical issues within the energy sector and promoting sustainable development in host communities across the country.
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