Government & Politics

BREAKING: President Bola Tinubu Signs Electricity Act Amendment Bill into Law

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BREAKING: President Bola Tinubu Signs Electricity Act Amendment Bill into Law

In a recent development, President Bola Tinubu has officially signed the Electricity Act (Amendment) Bill, 2024, into law. The bill, passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, is a crucial step towards addressing the development and environmental concerns of host communities impacted by power generation activities.

Spearheaded by Honourable Babajimi Benson, representing Ikorodu Federal Constituency in Lagos State, the legislation 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.

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According to a statement from Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, the funds designated for community development will be overseen by a reputable Trustee/Manager jointly appointed by the GENCO and their host community. This innovative approach aims to ensure transparent and effective utilization of the allocated resources for infrastructure development.

The signing of the Electricity Act (Amendment) Bill highlights the government’s commitment to addressing both the social and environmental impact of power generation. By focusing on community development, the legislation seeks to improve the well-being of residents in areas directly affected by power infrastructure.

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This decisive move underscores Tinubu’s dedication to fostering inclusive growth and prioritizing the welfare of communities affected by energy-related activities. As Nigeria grapples with energy challenges, this legislative initiative signifies a proactive approach to mitigating the broader impact and fostering sustainable development.

Source: The Nation Online.

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