President Bola Tinubu has recently signed the Electricity Act (Amendment) Bill, 2024, into law. This bill, which was passed by both the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, aims to address the development and environmental concerns of host communities.
Sponsored by Honourable Babajimi Benson, who represents the Ikorodu Federal Constituency of Lagos State, the Electricity Act (Amendment) Bill, 2024, 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.
Under this new law, the funds allocated for the development of host communities will be received, managed, and administered by a reputable Trustee/Manager.
This Trustee/Manager will be jointly appointed by the respective GENCO and their host community.
The aim is to ensure that the funds are utilized for infrastructure development in the host communities.
This article was updated 3 weeks ago