Politics
Investigation Launched: Reps Express Concerns Over Lottery Trust Fund’s Financial Oversight
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The House of Representatives Committee on Finance has initiated a status inquiry into the National Lottery Trust Fund’s spending of internally generated revenue (IGR) without proper budgetary approval…CONTINUE READING
The inquiry was ordered on Monday during a hearing on the Medium Term Expenditure Framework (MTEF).
The management team of the National Lottery Trust Fund, led by Executive Secretary/Chief Executive Officer Bello Maigari, appeared before the Committee to justify their revenue estimates.
Maigari disclosed that the agency had been utilizing its IGR without obtaining approval from the National Assembly, citing Section 40 of the Act as the basis for their actions.
According to Maigari, the Fund generated N2,492,996,588.13 in 2023, and the entire sum had been expended on various projects.
Committee Chairman James Faleke challenged Maigari’s explanation, asserting that the agency’s actions contravene the provisions of the 1999 Constitution.
Faleke expressed concern, stating, “It’s like the government opened this agency for you and your family.
That is what you are saying. You generated almost N2.5 billion and you spent the N2.5 billion to the kobo.”
In response to the discrepancies, the Committee called for a comprehensive status inquiry into the National Lottery Trust Fund’s activities from its inception to the present.
It is noteworthy that President Bola Tinubu has submitted the 2024/2026 MTEF to the National Assembly for approval.
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