Egbin, the host community to Egbin Electricity PLC, a power generation company is set to benefit immensely from a new electricity act bill which empowers host communities to take 5% annual operating expenditures of power generating companies (GENCOs) for the development of their communities.
President Bola Tinubu signed the Electricity Act (Amendment) Bill, 2024, into law today.
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.
