Headlines

Tinubu signs Electricity Act into law

Tinubu

By Ukpono Ukpong

President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law. This was contained in a statement signed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale.

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: Tinubu to commission Lagos Red Line rail month end

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.

About the author

DailyTimesNGR

Leave a Comment