Electricity Bill sponsored by Ikorodu federal lawmaker secures presidential assent
President Bola Tinubu on Friday signed the amended Electricity Act Bill 2024 into law months after it was passed by the National Assembly.
Ajuri Ngelale, the presidential spokesman, confirmed this in a statement.
The bill, which seeks to address the development and environmental concerns of host communities, was sponsored by the lawmaker representing Ikorodu Federal Constituency in the House of Representatives, Babajimi Benson.
The bill was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.
According to the statement from the presidency, a key provision of the law is that power generating companies (GENCOs) will be required to set aside five percent of the actual annual operating expenditures from the preceding year to develop 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 statement added.
In June 2023, President Tinubu assented a new electricity law which permits states, companies and individuals to generate, transmit, and distribute electricity.