President Bola Tinubu has officially approved the Electricity Act (Amendment) Bill 2024, giving it the force of law.
This significant development was announced by Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, in a statement released on Friday, February 9, 2024.
According to Ngelale, the primary objective of the Electricity Act (Amendment) Bill, 2024, is to address the concerns surrounding the development and environmental impact of host communities.
Specifically, the bill aims to allocate five percent of the actual annual operating expenses of power-generating companies (GENCOs) from the previous year for the purpose of developing their respective host communities.
The statement said: “The Electricity Act (Amendment) Bill, 2024, 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.
“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.”
Sponsored by the esteemed Babajimi Benson, the bill was approved by the House of Representatives on July 27, 2023, and subsequently passed by the Senate on November 14, 2023.
