President Bola Tinubu has given approval to the Electricity Act (Amendment) Bill, 2024, making it legally binding. On Friday, the announcement was made by Ajuri Ngelale, the President's Special Adviser on Media and Publicity.
According to him, the Electricity Act (Amendment) Bill of 2024 aims to tackle the development and environmental issues faced by the communities hosting power generating companies (GENCOs).
Furthermore, the bill proposes allocating five percent of the previous year's actual annual operating expenditures of GENCOs for the progress of their respective host communities.
According to the statement, the proposed legislation states that the funds allocated for the improvement of host communities will be received, handled, and supervised by a trustworthy Trustee/Manager jointly selected by the GENCO and their respective host community.
These funds will be utilized for the development of infrastructure within the host communities. The bill, which was sponsored by Honourable Babajimi Benson, who serves as the representative for the Ikorodu federal constituency of Lagos State, was approved by the House of Representatives on July 27, 2023, and subsequently passed by the Senate on November 14, 2023.
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