President Bola Tinubu has signed the Electricity (Amendment) Bill 2024 into law.
The bill, which was passed by the House of Representatives on July 27, 2023 and the Senate on November 14, 2023, was sponsored by Hon. Babajimi Benson who represents Ikorodu Federal Constituency of Lagos State.
According to a statement by presidential spokesman, Ajuri Ngelale, the bill 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.
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.
