President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.
The bill, which was passed by the House of Representatives last 27th July, and the Senate last 14th November, was sponsored by Hon. Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.
It 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 (GenCo) from the preceding year for the development of their respective host communities.
It 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.
