President Bola Tinubu has officially endorsed the Electricity Act (Amendment) Bill, 2024, into law, as disclosed by his Special Adviser on Media and Publicity, Ajuri Ngelale, in a statement released on Friday titled ‘President Tinubu assents to Electricity Act (amendment) bill.’
The comprehensive legislation, passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, addresses crucial issues such as the development and environmental concerns of host communities.
Notably, it allocates five percent of the actual annual operating expenditures of power generating companies from the preceding year for the development of their respective host communities, a significant step in fostering community development.
Spearheaded by Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State, the bill also outlines a meticulous process for the management and administration of the allocated funds.
Specifically, a reputable Trustee/Manager will be jointly appointed by the respective power generation companies (GENCO) and their host communities to oversee infrastructure development in the designated areas.
