President Bola Tinubu has officially signed the Electricity Act (Amendment) Bill, 2024, into law, marking a significant step forward in addressing the development and environmental needs of host communities.
Ajuri Ngelale, Special Adviser on Media and Publicity to President Tinubu, confirmed the enactment in a statement released on Friday titled ‘President Tinubu Assents to Electricity Act (Amendment) Bill.’
The bill, which passed through both the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, was sponsored by Babajimi Benson, representing the Ikorodu Federal Constituency of Lagos State.
One of the key provisions of the Electricity Act (Amendment) Bill, 2024, mandates that five percent of the actual annual operating expenditures of power generating companies from the preceding year be allocated for the development of their respective host communities. This measure aims to address the pressing needs and enhance the infrastructure of these communities.
Furthermore, the bill specifies that the funds designated for host community development will be managed and administered by a reputable Trustee/Manager jointly appointed by the respective GENCO (Power Generating Companies) and their host communities, ensuring efficient utilization for infrastructure development.
President Tinubu’s assent to this legislation underscores the commitment to equitable development and environmental sustainability within Nigeria’s energy sector.