President Bola Tinubu has signed into law the Electricity Act (Amendment) Bill, 2024, aimed at addressing the concerns of host communities and promoting their development.
The bill, sponsored by Honourable Babajimi Benson representing Ikorodu federal constituency of Lagos State, received unanimous approval from both the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.
This was disclosed in a statement released on Friday by Ajuri Ngelale, the President’s Special Advisor on Media and Publicity.
According to him, five percent of the actual annual operating expenditures of power generating companies (GENCOs) from the preceding year will be allocated for the development of their respective host communities.
Ngelale went on to explain that a respectable Trustee/Manager, chosen in conjunction with the relevant GENCO and their host community, will oversee and administer the funds allocated for host community development.
With the help of this initiative, infrastructure development in these communities will hopefully be prioritised and executed with efficiency.
