The House of Representatives Committee on Finance has taken a decisive step by placing the National Lottery Trust Fund under a status enquiry for reportedly spending its entire Internally Generated Revenue (IGR).
The move comes after the Executive Secretary/Chief Executive Officer of the Fund, Bello Maigari, disclosed during an interactive session that the Fund generated N2.5 billion in 2023, with the entire sum allegedly utilized for various projects nationwide.
Committee Chairman James Faleke, representing Ikeja Federal Constituency, Lagos State, expressed concern over the Fund’s expenditure practices, prompting the decision to appoint an external auditor for a comprehensive investigation.
Faleke also called upon the Fiscal Responsibility Commission and the Office of the Accountant General to conduct their own probes and submit reports to the Committee.
Maigari explained that the generated funds in 2023 were sourced from statutory remittances from licenses and permit holders.
He further revealed that a similar pattern was observed in 2022 when the Fund generated N6.8 billion, all of which was reportedly spent on project execution.
However, the Committee raised eyebrows when Maigari disclosed that the Fund was expected to cover emoluments, allowances, and benefits of board members, as well as salaries and allowances for staff.
Faleke expressed skepticism, stating, “It’s like the government opened this agency for you and your family.”
In response, Faleke announced the initiation of a status enquiry on the National Lottery Trust Fund, clarifying that an external auditor would scrutinize the Fund’s accounts, income, and expenses from inception to the present.
The committee plans to submit its findings to the plenary, and if any wrongdoing is identified, the Fund may be required to refund expenditures and face additional penalties.
Faleke emphasized that, being a fully funded government agency, the Fund is obligated by law to remit 100 percent of its IGR.
With the Fund allegedly falling short of this expectation, the Committee aims to ensure accountability and adherence to financial regulations.
The unfolding investigation raises questions about the management and financial practices of the National Lottery Trust Fund, with potential implications for its future operations and oversight.
[…] House of Reps Probes National Lottery Trust Fund Spending […]