The National Lottery Trust Fund’s financial operations are being investigated by the House of Representatives after it was discovered that the organisation had used up all of its internally generated revenue, or IGR.
James Falake, the chairman of the House Committee on Finance, made these remarks on Monday in Abuja at the interactive meeting with MDAs over the 2024–2026 Medium Term Expenditure Framework and Fiscal Strategy Paper.
Mr. Faleke said that the House will be informed of the committee’s decision to appoint an outside auditor to examine the fund’s financial records.
He also requested that parallel investigations be conducted and reports be provided by the Office of the Accountant General and the Fiscal Responsibility Commission.
The Fund’s Executive Secretary and Chief Executive Officer, Bello Maigari, said during the meeting that the Fund had made over N2.4 billion in revenue in 2023.
According to him, this was distributed among several projects paid for by licence and permission holders’ statutory remittances.
He said that in 2022, the Fund—which receives full funding from the federal government—generated N6.28 billion, all of which was put towards projects and running expenses.
Concerned, Mr. Faleke highlighted the need for responsibility, remarking, “It’s as if the government opened this agency specifically for you and your family.”
As a fully financed government institution, Mr. Faleke emphasised that the Fund was required to send 100% of its IGR.
He voiced dissatisfaction about the fund’s failure to submit the anticipated funds and raised concerns about its financial administration.
Bello listed interventions in public welfare, sports development, social services, education, and other areas when questioned about how the N6.2 billion in earnings would be used in 2022.
