President Bola Tinubu has assented to the Electricity Act (Amendment) Bill, 2024, into law.
The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, announced this in a statement on Friday.
He said 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.
“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,” the statement read.
Sponsored by Honourable Babajimi Benson, who represents Ikorodu federal constituency of Lagos State, the bill was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.