President Bola Ahmed Tinubu has assented to the Electricity Act 2023 which was initially passed by lawmakers in July 2022. The Electricity Act will replace the Electricity and Power Sector Reform Act of 2005.
President Bola Tinubu assents to the electricity bill, seeking to repeal the Electricity and Power Sector Reform Act, 2005, and thus becoming the Electricity Act. The Act now consolidates all legislations dealing with the electricity supply industry to provide an omnibus and…
— Bashir Ahmad (@BashirAhmaad) June 9, 2023
The Act 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.
