President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.
In a statement headed “President Tinubu assents to the Electricity Act (amendment) bill,” which he signed on Friday, Ajuri Ngelale, Tinubu’s Special Advisor on Media and Publicity, disclosed this information.
Development of Host Communities, a Major Concern
In order to “address the development and environmental concerns of host communities, the Electricity Act (Amendment) Bill, 2024, 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,” according to information released by the President.
Jerrymusa.com reports that the law was proposed by Babajimi Benson, a representative for Lagos State’s Ikorodu Federal Constituency. It was approved by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.
Additionally, it stipulates how the money allotted for the improvement of host towns will be obtained, handled, and managed by a respectable trustee or manager who will be jointly chosen by the relevant GENCO and their host community for the purpose of infrastructure development in the host communities.