BREAKING NEWS: Gov Sanwo-Olu signs Lagos Electricity Bill 2024 into Law

BREAKING NEWS: Gov Sanwo-Olu signs Lagos Electricity Bill 2024 into Law

By Fashina Shakiru

The Lagos State Governor Babajide Sanwo-Olu today has officially signed the Lagos Electricity Bill 2024 into Law.

The governor, who performed the signing ceremony at the Conference Room Lagos House, Alausa Ikeja, said the signing was to give the state an opportunity to develop its own roadmap to sustainable electricity.

According to him, Lagos State Electricity Law 2024 is a comprehensive plan of Governor Babajide Sanwo-Olu’s resolve to address longstanding challenges in the energy sector. The law will lay a robust foundation for economic growth, fostering industrial growth, improved quality of life, energy equity, economic prosperity, and environmental sustainability.

“Establish a Lagos Electricity Market that is technically sound, financially viable, and well-regulated. Ensure access to affordable, reliable, and sustainable electricity for all citizens. Promote diverse energy sources, including renewable energy, and encourage energy efficiency.”

The Governor stated foster investment, competition, and innovation in the electricity sector. Electrify underserved areas, contributing to the sustainable development of Lagos State. The law establishes critical institutions to manage and oversee the electricity market

“Lagos State Electricity Regulatory Commission independent oversight for regulatory compliance and licensing and ensuring system reliability and operational efficiency.”

“The Lagos State Electrification Agency dedicated to expanding electricity access to underserved communities and financing electrification projects and sustainable energy solutions in both underserved and unserved areas.”

While licensed power generating companies must allocate a percentage of the previous year’s operating expenditure to developing their host communities adding power enforcement units to address issues of electricity theft, damage and theft of  infrastructure, Sanwo-Olu highlighted.

Present at the signing of the Bill were the Deputy Governor, Kadri Hamzat, Commissioner for Energy and Mineral Resources, Biodun Ogunleye and others in attendance.