President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.
Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, made the announcement in a statement on Friday.
He stated that the Electricity Act (Amendment) Bill, 2024, aims to address the development and environmental concerns of host communities by allocating five percent of the actual annual operating expenditures of power generating companies (GENCOs) from the previous year to the development of their respective host communities.
“The bill 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/Manager to be jointly appointed by the respective GENCO and their host community,” the statement read.
Sponsored by Honourable Babajimi Benson, who represents Ikorodu federal constituency of Lagos State, the bill was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.