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Tinubu Enacts Electricity Act Amendment Bill

President Bola Tinubu has officially ratified the Electricity Act (Amendment) Bill, 2024, solidifying its status as law after its passage by the @HouseNGR last year and subsequent approval by the Senate. The bill, championed by Honourable Jimi Benson, representing the Ikorodu Federal Constituency of Lagos State, aims to address pivotal issues surrounding host communities and environmental concerns within the energy sector.

Under the provisions of the Electricity Act (Amendment) Bill, 2024, a significant portion of the annual operating expenditures of power generating companies (GENCOs) — specifically 5% — will be allocated towards the development of their respective host communities. This allocation is anticipated to foster tangible progress in infrastructure and socio-economic well-being within these areas.

Furthermore, the bill outlines a structured approach to the administration and management of the funds earmarked for host community development. A reputable Trustee/Manager, jointly appointed by the respective GENCO and their host community, will oversee the receipt, management, and disbursement of these funds. This collaborative framework is designed to ensure transparency and accountability in the allocation of resources for infrastructure development.

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