Tinubu signs law mandating electricity GenCos to develop host communities

President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.

The bill sponsored by the lawmaker representing Ikorodu Federal Constituency of Lagos State, Babajimi Benson, was passed by the House of Representatives on July 27, 2023.

The Senate passed the bill about four months later.

READ ALSO: Nigerian govt to continue electricity subsidy

The Special Adviser Media and Publicity to the President, Ajuri Ngelale, disclosed this in a statement on Friday in Abuja.

He said the Act would address the development and environmental concerns of host communities and set aside five percent of the actual annual operating expenditures of power-generating companies (GENCOs) from the preceding year for the development of their 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,” Ngelale added.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now