Tinubu signs amended Electricity Act bill into law

President Bola Tinubu on Friday,s signed the Electricity Act (Amendment) Bill, 2024, into law.

This was confirmed by his Special Adviser on Media and Publicity, Ajuri Ngelale, in a statement.

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 from the preceding year for the development of their respective host communities,” the Presidency revealed.

The bill, which was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, was sponsored by Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.

It also further provides that the funds allocated 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.