President Bola Tinubu has officially ratified the Electricity Act (Amendment) Bill, 2024, solidifying its status as law.
The legislation, initially endorsed by the House of Representatives on July 27, 2023, and subsequently by the Senate on November 14, 2023, originated under the sponsorship of Honourable Babajimi Benson, representing the Ikorodu Federal Constituency of Lagos State.
Crafted to tackle developmental and environmental concerns within host communities, the Electricity Act (Amendment) Bill, 2024, earmarks five percent of the preceding year’s actual annual operating expenditures of power generating companies (GENCOs) for host community development.
Furthermore, the bill stipulates that the allocated funds for host community development will be overseen and administered by a reputable Trustee/Manager, jointly selected by the respective GENCO and their host community, specifically for infrastructure enhancements.