President Bola Tinubu has signed the Electricity Act (Amendment) Bill 2024 into law.

This is contained in a statement signed by the Presidential Spokesman, Chief Ajuri Ngelale,

While the bill was passed by the House of Representatives on July 27, 2023, the Senate assented to it on Nov.14, 2023.

It was sponsored by Babajimi Benson, representing Ikorodu Federal Constituency of Lagos State.

According to Ngelale, the bill seeks to address the development and environmental concerns of host communities.

“It sets aside five percent of the actual annual operating expenditures of power generating companies (GENCOs) in the preceding year for the development of their respective host communities.

“The Bill 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,” he said.