President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law, following its passage by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.
The bill, sponsored by Honourable Babajimi Benson of Ikorodu Federal Constituency in Lagos State, aims to address development and environmental concerns in host communities.
Specifically, it allocates five percent of power generating companies’ (GENCOs) annual operating expenditures from the preceding year for the development of their respective host communities.
Additionally, the bill stipulates that these funds will be managed and administered for infrastructure development in the host communities by a reputable Trustee/Manager jointly appointed by the respective GENCO and their host community.
