President Tinubu Assents to Electricity Act Amendment Bill 2024

President Bola Tinubu Signs Electricity Act Bill Into Law
Bola Ahmed Tinubu
President Bola Ahmed Tinubu has assented to the 2024 Electricity Act (Amendment) Bill.

The Electricity Act (Amendment) Bill, 2024, 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 Bill 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.

The bill, which was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, was sponsored by Honourable Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.

Category: World-News
Tag: President Bola Tinubu Signs Electricity Act Bill Into Law
Written by Author (author)
Published 2/9/2024 11:41:42 PM

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