BREAKING: President Tinubu Signs Electricity Act 2023 Into Law

Electricity Act 2023, signed by President Tinubu, gives states and private enterprises the authority to produce electricity.

The Electricity and Power Sector Reform Act of 2005 has been replaced by the 2023 Electricity Act, which was brought into law by President Bola Ahmed Tinubu.

The recently passed bill would end the national monopoly on energy generation, transmission, and distribution in Nigeria.

This new law will give governments, businesses, and individuals more power to produce, transmit, and distribute electricity across the nation.

Recall that the Electricity Act 2023 was initially passed by lawmakers in July 2022 to allow the states to issue licences to private investors who can operate mini-grids & power plants within the state.

But the Act precludes interstate & transnational electricity distribution.

The Nigerian Energy Regulatory Commission would be able to govern the energy industry within Nigeria under the Electricity Act 2023 without prejudice to the states’ authority to pass laws, create electricity markets.