Nigeria’s President, Bola Ahmed Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.
The President’s Spokesperson, Ajuri Ngelale, made this known in a statement on Friday.
The Electricity Act (Amendment) Bill, 2024 seeks to address the development and environmental concerns of host communities, and set 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 also 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.
The bill, which was passed by the House of Representatives on July 27, 2023 and the Senate on November 14, 2023, was sponsored by Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.