……President Tinubu assents to Electricity Act
President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.
This is contained in a statement issued on Friday in Abuja by the presidential spokesman, Mr Ajuri Ngelale.
NATIONAL ACCORD recalled that the bill, which was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, was sponsored by Honourable Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.
Read Also: Prioritise fight against drug abuse, Remi Tinubu urges govs
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.
Read Also: No plans to tax online content creators – FIRS
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.
Read Also: AFCON final: Sack coach Peseiro, Peterside urges NFF
……President Tinubu assents to Electricity Act