President Bola Tinubu has assented the Electricity Act (Amendment) Bill, 2024, into law.
This was disclosed by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, in a statement on Friday titled ‘President Tinubu assents to the Electricity Act (amendment) bill.’
The Electricity Act (Amendment) Bill, 2024, aims 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 from the preceding year for the development of their respective host communities,” Ngelale’s statement reveals.
The bill, sponsored by Babajimi Benson, who represents the Ikorodu Federal Constituency of Lagos State, was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.
The bill also provides that the funds allocated 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 GENCO and their host community.
Details later…
