Tinubu Enacts 2034 Electricity Act Into Law

Tinubu Enacts 2024 Electricity Act Into Law

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President Bola Tinubu has officially signed the Electricity Act (Amendment) Bill, 2024, into law.

The declaration was made by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, through a statement released on Friday.

Sponsored by Honourable Babajimi Benson, representing the Ikorodu Federal Constituency of Lagos State, the bill underwent legislative scrutiny, passing through the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.

Outlined in the statement by the Special Adviser on Media and Publicity, Ajuri Ngelale, the Electricity Act (Amendment) Bill, 2024, aims to address developmental and environmental concerns within host communities. It mandates that five percent of the actual annual operating expenditures of power generating companies (GENCOs) from the preceding year be allocated for the development of their respective host communities.

Furthermore, the bill stipulates that the funds designated for host community development will be managed and administered for infrastructure enhancement by a reputable Trustee/Manager, jointly appointed by the GENCOs and their host communities.

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