President Bola Tinubu has signed the Electricity Act (Amendment) Bill 2024 into law.
Ajuri Ngelale, Special Adviser to the President, disclosed this in a statement on Friday.
The House of Representatives passed the bill on July 27, 2023, and the Senate followed suit on November 14, 2023.
The bill was sponsored by Babajimi Benson, representing Ikorodu federal constituency of Lagos State.
Accordingly, the Electricity Act (Amendment) Bill 2024 seeks to address the development and environmental concerns of host communities and sets aside five per cent of the actual annual operating expenditures of power-generating companies (GenCos) from the preceding year for 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 or manager to be jointly appointed by the respective GenCos and their host community.
