The new bill seeks to promote private sector investments in the Nigerian power sector and de-monopolise the nation's electricity generation
President Bola Tinubu has approved the new Electricity Act, which replaces the 2005 Electricity and Power Sector Reform Act.
The Electricity Act was first passed in July 2022 in the administration of former President Muhammadu Buhari. The new bill seeks to promote private sector investments in the Nigerian power sector and de-monopolise the nation’s electricity generation, transmission and distribution at the national level.1.
2. Electricity generation licensees are obligated to meet renewable generation obligations as may be prescribed by the Nigerian Electricity Regulatory Commission. 3. Electricity generating companies will be mandated to either generate power from renewable energy sources, purchase power generated from renewable energy or procure any instrument representing renewable energy generation.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
President Tinubu Signs Electricity Act 2023, Empowers States, Private Companies To Generate Power | Sahara ReportersThe Nigerian President, Bola Tinubu, has signed the 2023 Electricity Act which is a replacement for the Electricity and Power Sector Reform Act of 2005 into a law. The newly enacted law will de-monopolise Nigerian electricity generation, transmission, and distribution of electricity at the national level. This new law will empower states, companies, and individuals to generate, transmit and distribute electricity in the country.
Read more »
Imo 2023: Uzodinma dumps deputy, picks female lawyer as running mateThe Imo governorship election will be held on 11 November.
Read more »
Kogi 2023: Why I've only one point agenda - APGA governorship candidate'I have just one point agenda, IGR, because if you don’t have IGR, I will just be wasting my time and go back. The salary burden of the state is over one billion, but the FAAC allocation to the state is about N4.2 billion.'
Read more »
Rema, Davido make Spotify's 2023 'Songs of Summer' predictionsThe duo of Nigerian singers, Divine Ikubor, aka Rema, and David Adeleke, aka Davido, have debuted songs on Spotify's 2023 'Songs of Summer' predictions.
Read more »
The essential Fred Onyeoziri (1941-2023) | TheCableWhat is likely to hit you at first encounter with Fred Onyeoziri is his personable nature. Yes, he was such a pleasant person – full of life; charming; calm; and
Read more »
Layer3 Secures Multiple Awards at ABoICT 2023 – THISDAYLIVE
Read more »