President Bola Tinubu has signed the Electricity Act 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 Babajimi Benson, who represents Ikorodu Federal Constituency of Lagos State.

The Electricity Act 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 from the preceding year for the development of their respective host communities.

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