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President Tinubu signs Electricity (Amendment) Act 2024 into law

President Bola Ahmed Tinubu, GCFR

*The Federal Government says the new Act seeks to address the development and environmental concerns of the respective host communities where the power Generating Companies (GenCos) operate in Nigeria

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu has assented to the Electricity Act (Amendment Bill) 2024, into law.

Chief Ajuri Ngelale, Special Adviser to the President on Media and Publicity, disclosed this development in a statement issued Friday, February 9, 2024, in Abuja, FCT.

It is recalled the bill, earlier sponsored by Honourable Babajimi Benson, representing Ikorodu Federal Constituency of Lagos State, was passed by the House of Representatives, in the National Assembly (NASS) July 27, 2023, while the Senate passed the bill November 14, 2023.

In terms of the objectives  of the Electricity Act (Amendment) Bill, 2024, the Federal Government stated 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 (GenCos) from the preceding year for the development of their respective host communities.”

The statement noted the new Act 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.”

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