President Tinubu signs Electricity Act 2024

President Bola Tinubu has officially endorsed the Electricity Act (Amendment) Bill 2024, solidifying its status as law. The announcement came from Ajuri Ngelale, Special Adviser to the President, in a statement issued on Friday.

The legislative journey of the bill saw the House of Representatives passing it on July 27, 2023, followed by the Senate on November 14, 2023. The initiative was spearheaded by Babajimi Benson, the representative of the Ikorodu federal constituency in Lagos State.

The core objective of the Electricity Act (Amendment) Bill 2024 is to tackle the developmental and environmental challenges faced by host communities. Notably, it designates five percent of the actual annual operating expenditures of power-generating companies (GenCos) from the previous year for the upliftment of their respective host communities.

To ensure transparency and effective management, the bill stipulates that the allocated funds for host community development will be overseen by a reputable trustee or manager. This individual will be collaboratively appointed by the GenCos and their respective host communities, with the sole purpose of directing the funds towards infrastructure development in these communities.