News/Opinion
Makinde Set To Sign New Bill Into Law
The Executive Governor of Oyo State, Engr. Seyi Makinde has stated that the bill establishing the Oyo State Electricity Regulatory Commission will be signed into law soon.
Gov. Makinde made these remarks on Tuesday during the 20th Anniversary celebration of the British American Tobacco (BAT) Ibadan Plant.
He noted that attaining energy sufficiency in the state has remained an important objective of his administration.
The Governor affirmed the state’s preparedness to collaborate with BAT’s Ibadan Plant to realize significant progress in achieving energy sufficiency.
He stated,
“The state will look forward to working with BAT to improve electricity supply in the state,”
“You are going to be commissioning a 1.4-megawatt solar plant. This is pretty much in line with our aspiration in Oyo State.”
“For us, energy sufficiency is a big part of this administration. When I came in, there was no Energy Ministry, but we now have,”
He also stated that the state will be commissioning 11 new power plants of which 10 are gas-powered while the other works with solar energy. The Governor also praised the company for the role they have played in the economic development of the state and the country in general.
What you should know
On assumption into office last year, President Tinubu swiftly signed the Electricity Act into law.. The 2023 Electricity Act establishes a framework to steer the post-privatization phase of the Nigerian Electricity Supply Industry (NESI) and promote private sector investments in the sector.
According to the provisions of the law, state governments can issue licenses to private investors who can operate mini-grids and power plants within the state. However, the Act precludes interstate and transnational electricity distribution.
Also, the new electricity law removes the monopoly of power generation, transmission, and distribution from the federal government to state governments, private individuals, and companies.
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