President Bola Tinubu has signed the Electricity Act Amendment Bill 2024.
On July 27, 2023, the House of Representatives passed the bill, and on November 14, 2023, the Senate approved it.
Mr. Babajimi Benson, who represents the Ikorodu Federal Constituency of Lagos State, sponsored it.
Chief Ajuri Ngelale, the presidential spokesman, said the bill seeks to address the development and environmental concerns of host communities.
It sets aside five percent of the actual annual operating expenditures of power-generating companies (GENCOs) in 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 or manager to be jointly appointed by the respective GENCO and their host community,” it said.