WorldStage Newsonline– Lagos State has set the stage for a power supply system aimed at providing reliable electricity to residents as Governor, Mr. Babajide Sanwo-Olu, on Tuesday signed the Lagos State Electricity Bill 2024 into law.
The Lagos State Electricity Law 2024 is a comprehensive plan of Governor Babajide Sanwo-Olu’s resolve to address longstanding challenges in the energy sector. The law will lay a robust foundation for economic growth, fostering industrial growth, improved quality of life, energy equity, economic prosperity, and environmental sustainability.
The signing of the bill at Lagos House, Ikeja, was witnessed by the Deputy Governor, Dr. Femi Hamzat; Chairman of the Lagos State House Committee on Energy and Mineral Resources, Hon. Sabur Oluwa, Attorney General and Commissioner for Justice, Lawal Pedro (SAN) and Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, as well as members of the State Executive Council and Lagos State House of Assembly.
Speaking during the signing ceremony, Governor Sanwo-Olu charged all relevant stakeholders to work together for the full implementation of the law.
He said: “It is a bill that we believe will change the economic landscape and usher in socio-economic benefits for our citizens in Lagos. It is not about us; it is about the whole market and an entire system. So, it is important that the system is fully carried along, and they should see it as a win-win.
“We want, at the end of the day, for Lagosians to be the full beneficiaries of what the bill is about. We all want to see affordable and accessible light all around our state. We all have a common objective, which is to develop and improve the energy infrastructure of our State and once we do that, we know it will transform into economic benefits for citizens so that people can have a better security network in terms of making Lagos a true 21st Century economy and not being scared or worried about night or illumination in some parts of the city. We want to light up Lagos. We want our citizens to feel the benefit and effects of this legislation.”
Governor Sanwo-Olu commended the Speaker of the House of Assembly, Rt. Hon. Mudashiru Obasa; Chairman, House Committee on Energy and Mineral Resources, Hon. Sabur Oluwa; and the entire members of the legislative arm for taking the pain and time to produce the bill and for working tirelessly with the executive on the bill.
He also praised the efforts of the Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, as well as his predecessors, particularly the immediate past commissioner, Engr. Olalere Odusote.
Speaking earlier, the Commissioner for Energy and Mineral Resources, Biodun Ogunleye, announced that the implementation of the law would begin within six months.
He said: “Today, Lagos State takes a monumental step toward energy transformation as Governor Babajide Sanwo-Olu signs the Lagos State Electricity Law 2024 into law. This legislation marks a pivotal moment in the history of the state, signalling the beginning of a brighter, more empowered future. It is a testament to the Governor’s commitment to saying farewell to the culture of blackouts and fulfilling his promise to make electricity accessible, reliable, and affordable for every Lagosian.
“The Lagos State Electricity Law 2024 encapsulates the Governor’s resolve to address longstanding challenges in the energy sector. This historic legislation aligns seamlessly with his administration’s overarching agenda to bring sustainable progress and prosperity to Lagos.
“As the Governor’s pen meets the paper today, Lagosians can look forward to a new era where reliable power supply will be the norm, not the exception. The law paves the way for a Lagos illuminated by innovation, sustainability, and inclusivity, laying a robust foundation for economic growth, improved quality of life, and energy equity.”
The Lagos State Electricity Law 2024 aims to Establish a technically sound, financially viable, and well-regulated Lagos Electricity Market; Ensure access to affordable, reliable, and sustainable electricity for all residents; Promote diverse energy sources, including renewable energy, and encourage energy efficiency; Foster investment, competition, and innovation in the electricity sector and Extend electricity access to underserved areas to support sustainable development.
The law will create several regulatory bodies to manage the electricity market, among which are the Lagos State Electricity Regulatory Commission (LASERC) which ensures compliance and oversees licensing; Lagos Independent System Operator (ISO), which would be responsible for maintaining system reliability and operational efficiency; Lagos State Electrification Agency, which would be tasked with expanding electricity access to underserved communities; and Power Enforcement Unit, which would address issues of Electricity theft, damage and theft of infrastructure.
There would be Special Funds; Electrification Funds and Host Community Development (Community Trust Fund). The Electrification Funds is about financing electrification projects and sustainable energy solutions in underserved and Unserved Communities, while Host Community Development (Community Trust Fund) is about Licensed Power Generating Companies allocating a percentage of the previous year’s operating expenditure to developing their host communities.
