WorldStage Newsonline– The Electricity Act (Amendment) Bill 2024 which was passed by both the House of Representatives and the Senate in 2023 has been signed into law by President Bola Tinubu.
The Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale, said that the bill sponsored by Hon. Babajide Benson of Ikorodu constituency of Lagos State would address the development and environmental concerns of host communities.
He said it would also facilitate setting aside of 5 per cent of the actual annual operating expenditures of power generating companies (GENCOs) from the preceding year for the development of their respective host communities.
Ngelale added that the set aside fund would be used for the infrastructural developments of host communities of the GENCOs.
He said that 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.
