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President Tinubu Signs Amended Electricity Act into Law

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On Friday, President Bola Tinubu officially signed the Electricity Act (Amendment) Bill, 2024, into law, as confirmed by a statement from his Special Adviser on Media and Publicity, Ajuri Ngelale.

The amendment aims to address the development and environmental concerns of host communities, mandating that five percent of the actual annual operating expenditures of power generating companies from the preceding year be allocated for the development of their respective host communities, according to the Presidency.

The bill, sponsored by Babajimi Benson who represents Ikorodu Federal Constituency of Lagos State, was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.

Furthermore, it stipulates that the funds designated for the development of host communities will be received, managed, and administered for infrastructure development by a reputable Trustee/Manager jointly appointed by the respective GENCO and their host community.

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