President Bola Tinubu has signed the Electricity Act (Amendment) Bill of 2024 into law.
Hon. Babajimi Benson, who represents the Ikorodu Federal Constituency in Lagos State, sponsored the Bill, which was passed by the House of Representatives on July 27, 2023 and by the Senate on November 14, 2023.
According to Presidential spokesman Ajuri Ngelale, the Electricity Act (Amendment) Bill, 2024, aims to address the development and environmental concerns of host communities by allocating 5% of the actual annual operating expenditures of power generating companies (GENCOs) from the previous year to the development of their respective host communities.
The Bill further states that money set aside for the development of host communities would be received, managed, and administered for infrastructure development in the host communities by a respected Trustee/Manager who will be jointly chosen by the appropriate GENCO and host community.