President Bola Tinubu has signed the Electricity Act (Amendment) Bill, 2024, into law.
This was made known on Friday in a statement by the President’s Special Adviser on Media and Publicity, Ajuri Ngelale.
According to the statement, the Bill “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.”
News360 Info recalls the bill, which was passed by the House of Representatives on July 27, 2023, and the Senate on November 14, 2023, was sponsored by Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.
Tinubu Approves N126 Billion For Housing Provision Nationwide
In other news, President Bola Tinubu has approved N126.5 billion for the delivery of a total of 100,000 houses nationwide in 18 months.
The Minister of Housing and Urban Development, Arc. Ahmed Dangiwa, made this known during the groundbreaking ceremony for 3,112 housing units in Karsana area of the Federal Capital Territory (FCT) on Thursday.
Dangiwa revealed that the funding for the projects will come from a mix of sponsors comprising the Federal Ministry of Housing and Urban Development’s budgetary allocation, the Federal Mortgage Bank of Nigeria (FMBN), and Public Private Partnerships with reputable developers.
The minister also said that in the first quarter of this year, the federal government would undertake a groundbreaking of a total of 6,000 housing units.
