According to the News Agency of Nigeria (NAN), President Bola Tinubu has approved the Electricity Act (Amendment) Bill 2024, making it a law.
The legislation, endorsed by both the House of Representatives and the Senate in 2023, was introduced by Hon. Babajide Benson representing the Ikorodu constituency of Lagos State.
Chief Ajuri Ngelale, the President’s Special Adviser on Media and Publicity, stated that the enactment aims to tackle the developmental and environmental issues faced by host communities. He highlighted its provision to allocate 5% of the previous year’s actual operating expenditures of power-generating companies (GENCOs) for the development of these communities.
Ngelale elaborated that this designated fund would be utilized for infrastructure projects in the GENCOs’ host communities. He further specified that a trustworthy Trustee/Manager, jointly appointed by the respective GENCOs and the host communities, would oversee the receipt, management, and administration of the fund.
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