President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.
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, South-West Nigeria.
The Electricity Act (Amendment) 2024, seeks to address the development and environmental concerns of host communities, and sets aside 5% of the actual annual operating expenditures of power generating companies, GenCos from the preceding year for the development of their respective host communities.
The law 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 communities.
(Editor: Terverr Tyav)