Reps place Lottery Trust Fund on status enquiry for spending 100 percent of IGR

By Christiana Ekpa

The House of Representatives Committee on Finance on Monday placed the National Lottery Trust Fund on status enquiry for spending 100 percent of its internally generated revenue (IGR).
This is just as the Committee will appoint an external auditor to audit the accounts of the Fund and the report would be made available to the House for further action.
The Chairman of the Committee, Hon James Faleke, also directed the Fiscal Responsibility Commission and the Office of the Accountant General to also probe the Fund and submit their reports to the Committee.
This was as the Executive Secretary/Chief Executive Officer of the Fund, Bello Maigari, appeared before the Committee in the ongoing 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper interactive session with Ministries, Departments and Agencies.
Presenting his submission on remittances to the Federal Government, Bello told the Committee the Fund has so far in 2023 generated N2, 492, 996, 588.13 of which the entire sum has been expended on various projects.
Bello said the money was raised from statutory remittances from licensees and permits holders.
He also told the Committee that N6.28 billion was generated in 2022, but the amount was also spent on various projects carried out by the Fund.
He added that the Fund spent and incurred a deficit of N255 million in 2022 because they had a carryover of liabilities in 2021.
Responding to this, Faleke said, “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 to 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.”