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”

Click to comment

Leave a Reply

Your email address will not be published.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

ad

You May Also Like

Tech

Meta has announced new measures to tackle spammy content on Facebook, aiming to enhance the Feed experience and support authentic creators. These updates are...

News

European Commission has imposed landmark fines on tech giants Apple and Meta in the first enforcement actions under the Digital Markets Act (DMA), a...

News

With progress made in accelerating financial inclusion to unbanked and underbanked communities in Nigeria, the Shared Agent Network Expansion Facilities Limited (SANEF) has posited...

Tech

MTN Nigeria has announced the rescheduling of the MTN Champs Grand Finale to honour the legacy of its founding Chairman, Mr. Pascal Gabriel Dozie,...