President Bola Tinubu has given his assent to the Electricity Act (Amendment) Bill, 2024.
Sponsored by Honourable Babajimi Benson, representing Ikorodu Federal Constituency of Lagos State, the bill, which received unanimous approval from the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, addresses key concerns related to the development and environment of host communities.
The significant provision of the Electricity Act (Amendment) Bill allocates five percent of the actual annual operating expenditures of power generating companies (GENCOs) from the preceding year to the development of their respective host communities.
Furthermore, the bill outlines that the funds earmarked for the development of host communities will be entrusted to a reputable Trustee/Manager, jointly appointed by the respective GENCO and their host community. The objective is to ensure transparent and effective utilization of the allocated resources for infrastructure development in the host communities.
