President Bola Tinubu has officially enacted the Electricity Act (Amendment) Bill of 2024, cementing it as law.
The disclosure came from Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, through a statement released on Friday entitled ‘President Tinubu assents to Electricity Act (amendment) bill.’
The amended Electricity Act of 2024 is designed to tackle both developmental and environmental issues within host communities. Notably, it mandates that five percent of the previous year’s actual operating expenditures of power-generating companies be earmarked for the enhancement of their respective host communities, as per the Presidency.
This legislation, initially ratified by the House of Representatives on July 27, 2023, and subsequently by the Senate on November 14, 2023, was championed by Babajimi Benson, representing the Ikorodu Federal Constituency of Lagos State.
Moreover, the bill outlines that the designated funds for community development will be channelled, managed, and administered for infrastructure projects within the host communities by a reputable trustee or manager, jointly appointed by the respective GENCO and the host community.