President Tinubu, with the counsel of his Special Adviser on Media and Publicity, Ajuri Ngelale, formally ratified the Electricity Act (Amendment) Bill, 2024, into law, as disclosed in a statement issued on Friday titled ‘President Tinubu assents to Electricity Act (amendment) bill.’
This significant legislation aims to address the concerns surrounding development and the environment in host communities. Notably, it mandates that five percent of the actual annual operating expenditures of power generating companies from the previous year be allocated for the development of their respective host communities.
The bill, which received approval from both the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, was championed by Babajimi Benson, representing the Ikorodu Federal Constituency of Lagos State.
Moreover, it stipulates that the funds designated for host community development will be overseen and administered for infrastructure projects by a reputable Trustee/Manager jointly appointed by the respective GENCO and their host community. Further details will be provided later.
