The National Lottery Trust Fund (NLTF) has come under scrutiny and status of enquiry by the House of Representatives Committee on Finance for spending all its Internally Generated Revenue (IGR).
On Monday, the National Lottery Trust Fund’s empty IGR coffers sparked a storm of queries from the House of Rep Committee on Finance. Did the Fund squander its funds, or did something else go wrong? Either way, the committee is determined to expose what went wrong and how to fix it.
The Executive Secretary/Chief Executive Officer of NLTF, Bello Maigari, appeared before the lawmakers in the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP) discussion. He couldn’t provide a satisfactory explanation about the use of the IGR.
Maigari and other senior officials from the agency were asked to provide detailed information concerning the Fund’s activities. The NLTF generated N2.5 billion in 2023 and 6.8 billion in 2022 from statutory remittances from licenses and permit holders.
All of the money, according to Maigari, was used to execute various projects across the country. In addition, a significant portion of the revenue was used to pay salaries, benefits, and other expenses for board members and staff.
The Committee Chairman, Hon James Faleke, retorted at the revelation, saying, “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”.
Therefore, the Committee is taking action to get to the bottom of the issue. A deep dive audit by an external auditor will investigate the NLTF’s finances. A full report will be presented to the House, allowing further legislative action if necessary.