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The House of Representatives has launched a status enquiry into the National Lottery Trust Fund’s financial practices after it was revealed that the organisation had expended 100 per cent of its Internally-Generated Revenue (IGR).
Rep James Falake, Chairman, House Committee on Finance, said this at the ongoing 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper interactive session with MDAs Abuja on Monday.
Faleke said the committee would appoint an external auditor to scrutinise the fund’s accounts, with the findings to be presented to the House for further action.
He also directed both the Fiscal Responsibility Commission and the Office of the Accountant General to conduct parallel investigations and submit their reports.
During the session, the Executive Secretary/Chief Executive Officer of the Fund, Bello Maigari, disclosed that the Fund had generated More than N2.4 billion in 2023.
He said this was allocated to various projects funded by statutory remittances from licensees and permit holders.
He said the Fund, fully funded by the Federal Government, generated N6.28 billion in 2022, with the entire amount utilized for projects and operational costs.
Expressing concern, Faleke emphasised the need for accountability, saying, “It’s like the government opened this agency for you and your family.”
Faleke stressed that being a fully funded government agency, the Fund was obligated to remit 100 per cent of its IGR.
He expressed disappointment that the fund did not remit the expected funds, raising questions about its financial management.
When asked about the utilization of the N6.2 billion revenue in 2022, Bello outlined interventions in education, sports development, social services, public welfare among others.