- Safiu Kehinde
Lagos state governor, Babajide Sanwo-Olu has signed state’s electricity generation and distribution bill into law.
This was announced by the Special Adviser to the governor on Media and Publicity, Gboyega Akosile, in a post on his X handle on Tuesday.
According to Akosile, the bill will ensure 24 hours electricity supply across the state.
“Lagos State Governor, Babajide Sanwo-Olu, today signed the Lagos Electricity Bill 2024.
“The bill is a major step by the State Government, to ensure 24 hours electricity supply to every nook and cranny of the State, following the FG’s nod for States to generate and distribute energy in 2023.” Akosile wrote.
Speaking after signing the bill, Sanwo-Olu expressed his gratitude to Lagos State Assembly for their support while explaining reason behind the long duration the bill process took.
“We wanted to take our time. We wanted to learn from mistakes others would have involved in.
“We wanted to understand the full scope and the extent of what we are trying to get into.
“So, we took our time, and we are happy that over the last twelve months or even more, we have been able to do extensive work on this.
“I want to, on behalf of the people and government of Lagos state, thank the Speaker, the Chairman of the House Committee on this bill and other members of the house for working with me tirelessly on this journey.” Sanwo-Olu said.
Meanwhile, the Senior Special Assistance to the governor on New Media, Jubril Gawat, explained the provisions of the new electricity law in a post on his X handle.
According to the post, the law will lay a robust foundation for economic growth, fostering industrial growth, improved quality of life, energy equity, economic prosperity, and environmental sustainability
Gawat said the law is aimed at the establishment of a Lagos Electricity Market that is technically sound, financially viable, and well-regulated; access to affordable, reliable, and sustainable electricity for all citizens; promotion of diverse energy sources, including renewable energy, and encourage energy efficiency.
It will also foster investment, competition, and innovation in the electricity sector as well as electrifying underserved areas which will contribute to the sustainable development of Lagos State.
The media aide further disclosed that the law also make provision for the establishment of critical institutions to manage and oversee the electricity market.
As highlighted, the institutions include Lagos State Electricity Regulatory Commission-Independent oversight for regulatory compliance and licensing; Lagos Independent System Operator (ISO)- Ensuring system reliability and operational efficiency.; Lagos State Electrification Agency-Focused on expanding electricity access to underserved communities.
The law also made provision for special funds which include Electrification Funds – Financing electrification projects and sustainable energy solutions in underserved and Unserved Communities; and Host Community Development (Community Trust Fund) which stipulated that Licensed Power Generating Companies must allocate a percentage of the previous year’s operating expenditure to developing their host communities.