On Friday, President Bola Tinubu signed the Electricity Act (Amendment) Bill, 2024 into law.
Ajuri Ngelale, his Special Adviser on Media and Publicity, acknowledged this in a statement.
The Electricity Act (Amendment) Bill, 2024 aims 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,” according to the Presidency.
Babajimi Benson, who represents the Ikorodu Federal Constituency in Lagos State, sponsored the bill, which the House of Representatives passed on July 27, 2023, and by the Senate on November 14, 2023.
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.
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