Bola Tinubu, the President, has ratified the Electricity Act (Amendment) Bill, 2024.
Ajuri Ngelale, the President’s Special Advisor on Media and Publicity, revealed this in a statement on Friday.
In line with the statement, the Bill aims to tackle the issues of development and the environment in the communities it inhabits. It allocates five percent of the power generating companies’ (GENCOs) actual annual operating expenditures from the previous year to the host communities’ development.
The Bill also stipulates that a respectable Trustee/Manager, to be jointly nominated by the relevant GENCO and their host community, will receive, oversee, and administer the monies designated for the development of host communities for the purpose of developing infrastructure in those communities.
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