Tinubu officially approves electricity act (Amendment) bill
President Bola Tinubu has given his official endorsement to the Electricity Act (Amendment) Bill, 2024, signifying a crucial stride in addressing developmental and environmental concerns within host communities.
The legislation, sponsored by Honourable Babajimi Benson of Ikorodu Federal Constituency, was successfully passed by both the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.
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The newly enacted law mandates power generating companies (GENCOs) to allocate five percent of their actual annual operating expenditures from the previous year for the development of their respective host communities.
These funds are to be overseen by a reputable Trustee/Manager, jointly appointed by the GENCO and the host community, focusing on infrastructure development within these localities.
