Reps probe Lottery Trust Fund for utilising IGR

The House of Representatives has launched an inquiry into the National Lottery Trust Fund’s financial activities.

This followed the discovery that the organisation had spent 100 percent of its Internally-Generated Revenue (IGR).

The Chairman of the House Committee on Finance, James Faleke, stated this at the ongoing 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper interactive session with Ministries, Departments and Agencies (MDAs) on Monday in Abuja.

Faleke said the committee would appoint an external auditor to scrutinise the Fund’s accounts and the findings would 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.

READ ALSO:Despite hardship Nigerians spend $975m everyday on sports betting

The Executive Secretary/Chief Executive Officer of the National Lottery Trust Fund, Bello Maigari, had during the session said the Fund had generated more than N2.4 billion this year.

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.

In his remark, Faleke stressed the need for accountability in government agencies.

He pointed out that the Fund was obligated to remit 100 percent of its IGR.

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