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Tinubu signs Electricity Act 2024

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Insecurity Tinubu approves Pulaaku Initiative for North

Bola Tinubu, the President, has officially signed the Electricity Act (Amendment) Bill 2024 into law. The bill, which was sponsored by Babajimi Benson of the Ikorodu federal constituency of Lagos State, aims to address the development and environmental concerns of host communities. Specifically, it sets aside five per cent of the actual annual operating expenditures of power-generating companies (GenCos) for the development of their respective host communities. Furthermore, the bill stipulates that a reputable trustee or manager, jointly appointed by the GenCos and their host community, will oversee the funds allocated for infrastructure development in the host communities. The House of Representatives passed the bill on July 27, 2023, and the Senate followed suit on November 14, 2023.

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