The Rivers State House of Assembly, under the leadership of Speaker Martins Amaewhule, passed the Electricity Market Bill, 2024, into law on Friday. This legislative move is set to repeal the Rivers State Electricity and Gas Board Law CAP 50, which has been in effect since 1999.
According to a statement issued by Martins Wachukwu, Special Assistant on Media to the Speaker, the new legislation is aimed at building up a more favorable investment climate within Rivers State, ultimately benefiting the local population.
The Rivers State Electricity Market Law is designed to regulate electricity supply. This also includes its generation, transmission, and distribution within the state.
It also establishes the Rivers State Electricity Commission, which will oversee the enforcement of consumer rights and obligations, and to ensure it’s being observed.
During the debate on the report presented by Frankline Nwabochi, Chairman of the House Committee on Power, lawmakers praised the committee for its thorough work.
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The legislators stated the widespread participation of stakeholders during the public hearing, which emphasizeded the broad acceptance of the bill. They urged the House to expedite its passage into law.
Speaker Amaewhule also commended the committee and his colleagues for their insightful debates, noting that the bill has the potential to stimulate the growth of the electricity market in the state.
He added that the legislation would attract foreign investment and create numerous opportunities for the people of Rivers State.
Amaewhule expressed optimism that, given the bill’s importance and the positive impact it promises, the governor would swiftly give his assent once the bill is passed.
The Electricity Market Bill was initially referred to the House Committee on Power on May 8, 2024. Following the committee’s review and adherence to legislative procedures, the House deliberated in the Committee of the Whole before reverting to plenary for the bill’s third reading.
