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Tinubu signs Electricity Act 2024

 

President Bola Tinubu has signed the Electricity Act
(Amendment) Bill 2024 into law.

 

Ajuri Ngelale, Special Adviser to the President, disclosed
this in a statement on Friday.

 

The House of Representatives passed the bill on July 27,
2023, and the Senate followed suit on November 14, 2023.

 

The bill was sponsored by Babajimi Benson, representing
Ikorodu federal constituency of Lagos State.

 

Accordingly, 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 (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 or
manager to be jointly appointed by the respective GenCos and their host
community.

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