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PRESIDENT TINUBU SIGNS THE ELECTRICITY AMENDED ACT BILL, 2024, INTO LAW         

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PRESIDENT TINUBU SIGNS THE ELECTRICITY AMENDED ACT BILL, 2024, INTO LAW                                                                                                                   09-02-24

By Sadiq Aminu                                                    The bill, which was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, was sponsored by Mr. Babajimi Benson, representing Ikorodu Federal Constituency of Lagos State.

The Act 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.

The Act further provides 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/Manager to be jointly appointed by the respective GENCO and their host community.

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