The National Lottery Trust Fund in Nigeria was placed under probe by the House of Representatives Committee on Finance on Monday for its complete allocation of internally generated revenue (IGR).
During the ongoing interactive session with the Ministries, Departments, and Agencies (MDAs) of the Federal Government, the Committee, led by Hon. James Faleke, expressed disappointment with the actions of the Agency when the Executive Secretary/Chief Executive Officer of the Fund, Bello Maigari, appeared before them. National Lottery Trust Fund Probe Nigeria
The Committee was instructed to appoint an independent auditor to investigate the financial records of the Fund, and the House would be granted access to the report for further necessary measures.
The Committee’s chairman, Hon. James Faleke, gave instructions to the Fiscal Responsibility Commission and the Office of the Accountant General to investigate the Fund and provide a report to the Committee.
In the meeting, Bello Maigari, the Executive Secretary and Chief Executive Officer of the National Lottery Trust Fund, informed that the Fund had generated more than N2.4 billion in revenue this year.
He stated that the funds allocated to various initiatives were derived from compulsory payments made by licensees and permit holders.
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He reported that the Fund, which has received full funding from the federal government, produced a total of N6.28 billion in 2022. This entire amount was utilized for various projects and operational expenses.
In his statements, Faleke stressed the significance of holding government agencies accountable.
It’s like the government opened this agency for you and your family. That is what you are saying. That is the meaning. You generated almost N2.5 billion and you spent the N2.5 billion on the kobo. You generated N2, 492, 996, 588.13 from one source and then expended the exact same amount. And you put performance, 100 percent.
We are going to carry out a status inquiry on the Nigerian Lottery Trust Fund. Status inquiry means we are going to bring in an external auditor to audit your accounts, your books, all your income and expenses from day one to date.
We would send our report to the plenary and if you are found guilty, you will be made to refund all expenditure and if you are found guilty, any other punishment thereof.
Hon. James Faleke stated
According to Section 24(3) of the Act, the National Lottery Trust Fund is a government agency established through the National Lottery Act 2005. Its main objective is to set aside a designated portion of the funds generated from national lottery activities in Nigeria. These funds are then utilized for the successful execution of various charitable initiatives across the country.
