The Electricity Act (Amendment) Bill, 2024 has been signed into law by President Bola Tinubu.
Hon. Babajimi Benson, a member representating Lagos State’s Ikorodu Federal Constituency, sponsored the bill, which was approved by the Senate on November 14, 2023, and the House of Representatives on July 27, 2023.
As per the statement released by Ajuri Ngelale, Tinubu’s Special Advisor on Media and Publicity, the Electricity Act (Amendment) Bill, 2024 aims to tackle the environmental and developmental issues of the host communities. It allocates five percent of the power generating companies’ (GENCOs) actual annual operating expenditures from the previous year for the development of the 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 said. [CONTINUE READING HERE]
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