Tinubu Assents To Electricity ACT (Amendment) Bill


Tinubu Assents To Electricity ACT (Amendment) Bill


President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.

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.

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.  

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.

Meanwhile, Oyo State governor, ‘Seyi Makinde, on Friday, signed into law the Oyo State Electricity Regulatory Commission Bill 2024.
The governor, who performed the signing ceremony at the Conference Room of the Governor’s Office, Secretariat, Agodi, Ibadan, said the signing was to give the state opportunity to develop its own roadmap to sustainable electricity.
The governor stated that with the decentralisation of electricity generation, transmission and distribution, it has become obvious that Nigerians can access dividends of democracy if federalism is practised as it should be and more powers are devolved to the states.
Governor Makinde said: “As promised earlier in the week, we are signing the Oyo State Electricity Regulatory Commission Bill 2024 into law today. This law will enable Oyo State to generate, transmit and distribute electricity within the State.
“Amendments of the constitution like these is what we mean when we advocate for fiscal federalism. In years to come as we work towards energy sufficiency, our people can hold State Governments accountable on the issue of electricity supply.”
Presenting the Bill earlier, Deputy Speaker, Oyo State House of Assembly, Honourable Mohammed Fadeyi, said this is the first time that the state would come up with an independent electricity project.
Present at the signing of the Bill were the Deputy Governor, Barr. Bayo Lawal; Secretary to the State Government; Prof. Olanike Adeyemo: Chief of Staff to the Governor, Hon. Segun Ogunwuyi and the Head of Service, Mrs Olubunmi Oni (mni).
From the House of Assembly, the Deputy Speaker, Hon. Fadeyi; chairman, House Committee on Energy, Hon. Deji Oparinde and a member of the committee, Hon. Gabriel Babajide, were in attendance.
Also in attendance were the Commissioner for Justice and Attorney-General, Barr. Biodun Aikomo; Commissioner for Energy, Barr. Temilolu Ashamu; chairman and co-chairman of the Oyo State Elders’ Council, Dr Saka Balogun and Elder Wole Oyelese respectively.