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 Honourable Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.
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 (GENCOs) from the preceding year for the development of their respective host communities. READ ALSO:
- What Super Eagles Must Do To Qualify For 2026 W/Cup — Osho
- Kemi Badenoch’s Yoruba identity meets inconvenient truths
- Lone accident kills 3 varsity students in Ogun
- Premier League: Arsenal Thrash Crystal Palace In London Derby
- Stampede: Police warn against unorganised palliatives distribution
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.
