Tinubu Assents Electricity Acts Amendment Bills Into Law

The Electricity Amended Act Bill, 2024, was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, sponsored by Mr. Babajimi Benson, representing Ikorodu Federal Constituency of Lagos State.

President Bola Tinubu recently signed the bill into law.

The Act 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. 

According to the Act, the funds that are allocated for the development of host communities will be managed and administered by a trustworthy Trustee/Manager appointed jointly by the respective GENCO and the host community.

These funds will be used for the development of infrastructure in the host communities..