President Tinubu Signs Electricity Act (Amendment) Bill into Law

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President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law, according to an announcement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale.

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The bill aims to address development and environmental concerns within host communities by allocating five percent of the previous year’s actual annual operating expenditures of power generating companies (GENCOs) for their development.

Additionally, the legislation stipulates that these funds will be managed and administered for infrastructure development by a reputable Trustee/Manager jointly appointed by the respective GENCO and their host community.

Sponsored by Honourable Babajimi Benson, representing Ikorodu federal constituency of Lagos State, the bill passed through the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.

Charles Akpeji
Charles Akpejihttps://naija247news.com
Charles Akpeji has over 20 years experience in journalism and he is Naija247news Taraba Correspondent. He lives and works from Jalingo, the state capital.

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