President Bola Tinubu has signed the Electricity Act Amendment Bill 2024 into law.
Hon. Babajide Benson of the Ikorodu constituency in Lagos State sponsored the measure, which was passed by both the House of Representatives and the Senate in 2023.
Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, stated that the bill will address host communities’ development and environmental concerns.
He also stated that it would make it easier to set aside 5% of the previous year’s actual yearly operating expenditures of power generation firms (GENCOs) for the development of their respective host communities.
Ngelale noted that the set-aside amount would be utilized to build infrastructure in the GENCOs’ host communities.
He stated that the fund would be received, maintained, and administered by a credible Trustee/Manager nominated jointly by the respective GENCOs and host communities.