The Senate today approved a bill amending the Electric Power Sector Reform Act to meet host community concerns, among other things.
When the President signs the bill sponsored by Rep. Babajimi Benson in the House of Representatives, host communities, particularly those around the Egbin Thermal Power Station in Ikorodu Federal Constituency, will receive 5% of the actual annual operating expenditure for the previous fiscal year from the various Power Generating Companies in Nigeria (GENCOs) operating within their community.
According to Benson in a press statement in Abuja, these funds will be channeled to the development of those communities and ameliorating the impact of the activities of these GENCOs.
He said “This is a milestone for us as the communities will be able to glean the full benefits of hosting the GENCOs. It will also guide GENCOs in providing targeted developmental projects that will impact the lives of our people, theand ir host communities.
“I thank my fellow legislators in the Senate and House of Representatives for their commitment to the passage of this bill and urge our listening President to kindly assent to this bill promptly.
Morenikeji Adedayo is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
