The Nigerian President, Bola Tinubu, has signed the amended Electricity Act Bill, 2024, into law on Friday.
The amended Electricity Act Bill, 2024, seeks to address the development and environmental concerns of host communities which set 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.
The bill, which was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, was sponsored by Honourable Babajimi Benson, who represents the Ikorodu Federal Constituency of Lagos State.
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According to Ajuri Ngelale, Special Adviser to the President in Media and Publicity, “the Bill will further provide funds set aside for host communities and receive, manage, and administer for infrastructure development in the host communities.”
Adding to that, the manager will be appointed by GENCO and their host community, respectively.
