President Bola Tinubu, on Friday signed the Electricity Act Amendment Bill 2024 into law.
The bill, which was passed by both the House of Representatives and the Senate in 2023, was sponsored by Hon. Babajide Benson of Ikorodu constituency of Lagos State.
Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, disclosed that the law would address the development and environmental concerns of host communities.
He added that it would also facilitate setting aside of 5 percent of the actual annual operating expenditures of power generating companies, GENCOs, from the preceding year for the development of their respective host communities.
Ngelale noted that the set aside fund would be used for the infrastructural developments of host communities of the GENCOs.
He said the fund would be received, managed and administered by a reputable Trustee/Manager to be jointly appointed by the respective GENCOs and the host communities.