President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.

Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, revealed this in a statement he signed Friday titled ‘President Tinubu assents to Electricity Act (amendment) bill.’

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 from the preceding year for the development of their respective host communities,” the Presidency revealed.

The bill, which was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, was sponsored by Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.

It also further provides that the funds allocated 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.

More details later…