The Member representing Ikorodu Federal Constituency in Lagos State, Rep Babajimi Benson, has called on President Bola Tinubu to give his assent to the Electric Power Sector Reform Act, emphasizing the benefits it holds for host communities.
According to Babajimi, the bill marks a significant stride towards generating 5 percent of the actual operating expenditure around the Egbin thermal power station, which would greatly impact his constituents.
In a signed statement, Babajimi highlighted that the funds from this initiative would be allocated to the development of host communities, aimed at mitigating the adverse effects of the activities of Generation Companies (GENCOs).
He stated, “The Senate of the National Assembly concurred to the bill I sponsored for an act to amend the Electric Power Sector Reform Act, to address the concerns of host communities and for related matters.
“Once assented to by the President, host communities, particularly those around the Egbin Thermal Power Station in Ikorodu Federal Constituency, will receive 5% of the actual annual operating expenditure from the various Power Generating Companies in Nigeria (GENCOs) operating within their community.”
“These funds will be directed towards the development of those communities and to alleviate the impact of the activities of these GENCOs.”
Highlighting the significance of this move, he added, “This is a milestone for us as the communities will be able to glean the full benefits of hosting the GENCOs.”
“It will also serve as a framework for GENCOs to implement targeted developmental projects that will significantly improve the lives of our people and their host communities.”
In expressing his gratitude, he commended his colleagues in the Senate and House of Representatives for their dedication to the passage of the bill and urged the President to expedite the assent to this bill.
