Connect with us

    Hi, what are you looking for?

    News

    Tinubu signs Electricity Act amendment bill into law

    Tinubu
    President Bola Tinubu

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

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

    The Special Adviser on Media and Publicity, Ajuri Ngelale, said the Electricity Act (Amendment) Bill, 2024, “seeks to address the development and environmental concerns of host communities, and sets aside five percent of the actual annual operating expenditures of power generating companies (GENCOs) from the preceding year for the development of 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”

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Tech

    In a powerful display of public-private synergy, Lagos State Governor Babajide Sanwo-Olu and Deputy Governor Dr. Obafemi Hamzat visited the MTN Data Centre booth...

    News

    The Enugu State Government has accused Olasijibomi Ogundele, CEO of Sujimoto Luxury Construction Limited, of defrauding the state of N5.7 billion paid for the...

    E-Financial

    The Bank of Ghana (BoG) has announced the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana, effective September...

    E-Financial

    The Bank of Ghana (BoG) has suspended the remittance partnerships of several fintech companies including Flutterwave, Tap Tap Send, and others for a period...