Friday, June 9, 2023 4:06 pm
Years after his effort to bring Enron to generate power for Lagos was frustrated by the Olusegun Obasanjo government because it was on the exclusive list, President Bola Ahmed Tinubu has signed the Electricity Act 2023 into law. Initially passed by lawmakers in July 2022, the Electricity Act will replace the Electricity and Power Sector Reform Act of 2005.
The Act, as VON reported, will bring about the de-monopolization of Nigeria’s electricity generation, transmission, and distribution of electricity at the National level and empower states, companies, and individuals to generate, transmit and distribute electricity.
It provides a framework to guide the post-privatization phase of the Nigerian Electricity Supply Industry (NESI) as well as encourage private sector investments in the sector.
The Electricity Act was first passed in July 2022 under the Muhammadu Buhari administration.