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    Your email address will not be published.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

    Oil and Gas

    Leading oil and gas experts in Nigeria have called for the full adoption of digital technologies to overcome the complex challenges facing the country’s...

    E-Financial

    Central Bank of Nigeria (CBN) has raised alarm over the rising costs of printing and replacing banknotes, warning that widespread abuse of the naira...

    Tech

    Lagos State has reaffirmed its position as Africa’s leading technology and innovation hub following the successful hosting of the GITEX Nigeria Tech Expo, Future...

    Tech

    Countries in Africa experienced over 190 internet shutdowns between 2016 and 2024, new research reveals today. The number of internet shutdowns across the continent...