In a significant development, President Bola Tinubu has officially signed the Electricity Act (Amendment) Bill 2024 into law. This crucial move was announced by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, in a statement released on Friday, February 9, 2024.
According to the presidential media aide, the newly enacted Electricity Act (Amendment) Bill 2024 aims to address both developmental and environmental concerns within host communities. Specifically, it mandates that five percent of the actual annual operating expenditures of power generating companies (GENCOs) from the previous year be allocated for the development of their respective host communities.
Ngelale emphasized, “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 bill, spearheaded by Honourable Babajimi Benson, representing the Ikorodu federal constituency of Lagos State, successfully passed through both the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, marking a significant milestone in addressing crucial issues within the electricity sector.
