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President Bola Tinubu has signed into law the amended Electricity Act Bill of 2024.
Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale in a statement said the Bill was passed by the House of Representatives on 27 July 2023, and the Senate on 14 November 2023.
According to the statement, the Bill was sponsored by Honourable Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.
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The Bill 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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