Nigeria’s President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.
The president’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed this in a statement he signed Friday titled ‘President Tinubu assents to Electricity Act (amendment) bill.’
According to the Presidency, the Electricity Act (Amendment) Bill, 2024, 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 from the preceding year for the development of their respective host communities.”
The bill was sponsored by Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.
It was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023,
According to the statement, “The bill further 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/Manager to be jointly appointed by the respective GENCO and their host community.”
