Tinubu Assents Amended Electricity Act Bill
President Bola Tinubu has officially signed the Electricity Act (Amendment) Bill, 2024, into law.
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 Ikorodu Federal Constituency of Lagos State.
In a statement made by the spokesman of the President, Chief Ajuri Ngelale, noted that 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.
According to Chief Ajuri, the Bill further stipulate 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 or manager to be jointly appointed by the respective GENCO and their host community.
The new electricity law repeals the Electricity and Power Sector Reform Act of 2005 and consolidates the laws relating to the Nigerian Electricity Supply Industry (NESI).