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Tinubu Signs Amended Electricity

President Bola Tinubu has enacted the Electricity Act (Amendment) Bill of 2024. This information was disclosed by Tinubu's Media and Publicity Advisor, Ajuri Ngelale, through a press release on Friday titled 'President Tinubu assents to Electricity Act (amendment) bill.'

The amended legislation aims to tackle developmental and environmental concerns faced by communities hosting power generation projects. It mandates that power generating companies allocate five percent of their annual operational expenditures from the previous year for the betterment of these communities, as stated by the Presidency.

The legislative process saw the bill being approved by the House of Representatives on July 27, 2023, followed by the Senate's approval on November 14, 2023. The bill's introduction was spearheaded by Babajimi Benson, the representative for the Ikorodu Federal Constituency in Lagos State.

Moreover, the bill stipulates that the funds designated for the development of the host communities shall be managed and utilized for infrastructure improvements by a Trustee/Manager. This entity will be selected jointly by the power generating companies (GENCO) and the communities they serve.

Further details will be provided in due course.

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