Tinubu Amplifies Energy Sector with Game-Changing Act

• Tinubu has assented to the Electricity Act 2023, replacing the Electricity and Power Sector Reform Act of 2005, consolidating all legislations and creating a comprehensive framework for the Nigerian Electricity Supply Industry (NESI).

• The Act aims to de-monopolize electricity generation, transmission, and distribution at the national level and promote private sector investments in the sector.

• The bill was initially passed in July 2022 under the Muhammadu Buhari administration.

EKO HOT BLOG reports that 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.

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Bashir Ahmed former Special assistant to Buhari in a statement on twitter disclosed the information.

His statement read:

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 ideal Institutional framework to guide the post-privatization phase of the Nigerian Electricity Supply Industry and encourage private sector investments in the sector.

The primary aim of the bill is to create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply Industry (NESI).

Nigeria! 👏🏽👏🏽

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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.

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