President Bola Tinubu has officially signed the Electricity Act (Amendment) Bill, 2024, into law, marking a significant milestone in Nigeria’s energy sector.
Ajuri Ngelale, Special Adviser on Media and Publicity to President Tinubu, confirmed this development in a statement titled ‘President Tinubu assents to Electricity Act (amendment) bill.’
The amended bill aims to address various developmental and environmental concerns within host communities. Notably, it mandates power generating companies to allocate five percent of their annual operating expenditures from the previous year for the development of their respective host communities.
Sponsored by Babajimi Benson, representing Ikorodu Federal Constituency of Lagos State, the bill passed both the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.
Furthermore, the legislation outlines that funds designated for community development will be managed and administered by a reputable Trustee/Manager jointly appointed by the respective power generating companies and their host communities.
More details to follow as the implementation of the amended Electricity Act unfolds.