President Bola Ahmed Tinubu has signed into law a bill breaking the monopoly of power generation in the country.

The bill titled “Electricity Act 2023” will be the second Tinubu signed into law since he assumed office last month.

The Electricity Act 2023 allows the de-monopolization of Nigeria’s electricity generation, transmission, and distribution of electricity at the national level.

It also empowers States, companies, and individuals to generate, transmit, and distribute electricity.

The Electricity Act replaces the Electricity and Power Sector Reform Act of 2005. It was initially passed by the National Assembly in July 2022.