President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law. A statement issued on Friday by Ajuri Ngelale, Special Adviser to the President (Media & Publicity), recalled that 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 the 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 per cent 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 or manager to be jointly appointed by the respective GENCO and their host community. YOU SHOULD NOT MISS THESE TOP NEWS FROM NIGERIAN TRIBUNETinubu approves N126bn for housing provisionPresident Bola Tinubu has approved the sum of N126.5 billion to spearhead the delivery of 100,000 homes nationwideSenate grills economic team, demands end to economic hardshipOwing to the hardship being faced in the country, senators have asked the Federal Government to end the pain of NigeriansThere’ll be pains, but we’ll bring Nigeria back, CBN Gov assuresYemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has reassured Nigerians amidst the prevailing economic challenges,Budget, Agriculture Ministers fault subsidy removal, floating of NairaTwo Ministers in the Federal Executive Council on Friday expressed concern over the deleterious effects of fuel subsidy removalOFFCUT: ‘We no longer trust unions,’ Nigerians react to Labour 14-day strike ultimatumNigerians have reacted to the National Labour Congress and Trade Union Congress’ issuance of a 14-day strike ultimatum givenECOWAS exit: Security, economic impact on NigeriaNigeria will likely face more security and economic challenges following the exit of Burkina Faso, Mali, and Niger as the

Source: Nigerian Tribune February 10, 2024 06:03 UTC