February 26, 2024
#African News #News

Tinubu Signs Amended Electricity Bill, Will It Fix Nigeria’s Power Woes? Details Emerge

 

President Bola Ahmed Tinubu has moved to reform Nigeria’s failed power and energy sector

 

On Friday, February 9, President Tinubu signed the Electricity Act (Amendment) Bill 2024 into law

 

The legislation targets the challenges related to growth and environmental concerns in areas that accommodate power generation plants

 

FCT, Abuja – President Bola Tinubu has officially approved the Electricity Act (Amendment) Bill, 2024, making it law.

 

Ajuri Ngelale, the Special Adviser to the President on Media and Publicity, conveyed this update in a statement released on Friday, February 9

 

The bill aims to tackle the developmental and environmental issues faced by communities hosting power generation facilities.

 

It mandates that five per cent of the total annual operating expenses of power generating companies (GENCOs) from the previous year be allocated for developing these host communities.

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As reported by Channels TV, the statement reads:

“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.”

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Proposed by Honourable Babajimi Benson, the legislator representing the Ikorodu federal constituency of Lagos State, the bill successfully cleared both the House of Representatives on July 27, 2023, and the Senate on November 14, 2023.

 

 

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