PRESIDENT TINUBU ENACTS GROUNDBREAKING ELECTRICITY ACT AMENDMENT FOR HOST COMMUNITY DEVELOPMENT ®™√ INN Nigeria ©

Gearing towards sustainable development, President Bola Tinubu has officially approved the Electricity Act (Amendment) Bill, 2024, highlighting a commitment to addressing the environmental and developmental needs of host communities.

The legislation, championed by Honourable Babajimi Benson of Ikorodu Federal Constituency, mandates power generating companies (GENCOs) to allocate five percent of their annual operating expenditures to foster the progress of their respective host communities.

This transformative measure signifies a pivotal step in promoting infrastructure development within host communities.

The Bill outlines a meticulous framework, ensuring that the designated funds are managed and administered by a credible Trustee/Manager jointly appointed by GENCOs and their respective host communities.

With the President’s endorsement, the nation anticipates positive shifts in community development, aligning with broader environmental and social objectives.