GOOD NEWS: President Bola Tinubu has assented to the electricity bill, which was passed in July 2022 seeking to repeal the Electricity and Power Sector Reform Act, 2005, and thus becoming the Electricity Act.

The primary aim of the bill, as stated in its very first section, is to create a comprehensive legal and institutional framework to guide the Nigerian Electricity Supply Industry (NESI).

It de-monopolises the generation, transmission, and distribution of electricity at the National level, to empower States, cyompanies and Individuals to generate, transmit and distribute electricity.

States would also be able to issue licenses to private investors who have the ability to operate mini-grids and power plants within the State, but such State licenses are not to extend to inter-state or transnational distribution of electricity.

The new law restates the position and clarifies the authority and powers of the states and federal. It means that Nigeria will not have one single market regulated from Abuja, but could have at least 3 independent regulators.