Presidential Endorsement of Electricity Act (Amendment) Bill

President Bola Tinubu has ratified the Electricity Act (Amendment) Bill, 2024, which received approval from the National Assembly late last year.
This legislation, introduced by Representative Babajimi Benson, representing the Ikorodu Federal Constituency of Lagos State, aims to tackle the developmental and environmental concerns of host communities.
The bill stipulates that five percent of the actual annual operating expenditures of power generating companies (GENCOs) from the preceding year will be allocated for the development of their respective host communities.
As indicated in the statement from the President’s spokesperson, the bill also mandates that the funds allocated for host community development will be received, managed, and administered by a reputable trustee/manager, jointly appointed by the respective GENCO