President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.
A press release made available by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity on Friday revealed that the bill which was sponsored by Honourable Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State and passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, seeks to develop host communities.
It stressed that the bill will address the ‘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.’
The press release further stated 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.’
