Featured Latest Politics

Reps place Lottery Trust Fund On Status Enquiry For Spending 100 Percent of IGR

Written by Pyramid FM Kano

By: IBRAHIM SHEHU

The House of Representatives Committee on Finance has placed the National Lottery Trust Fund on status enquiry for spending 100 percent of its internally generated revenue (IGR).

The Chairman of the Committee Mr James Faleke, issued the directive when the Executive Secretary/Chief Executive Officer of the Fund, Bello Maigari, appeared before the committee.

Mr Faleke also directed the Fiscal Responsibility Commission and the Office of the Accountant General to also probe the Fund and submit their reports to the Committee.

This means the Committee will appoint an external auditor to audit the accounts of the Fund and the report would be made available to the House for further action.

This was as the Executive Secretary/Chief Executive Officer of the Fund, Bello Maigari, appeared before the Committee in the ongoing 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper interactive session with Ministries, Departments and Agencies.

Mr Maigari while presenting his submission on remittances to the Federal Government, said the Fund has so far in 2023 generated N2, 492, 996, 588.13 of which the entire sum has been expended on various projects.

He stated that the money was raised from statutory remittances from licensees and permits holders, adding that N6.28 billion was generated in 2022, but that the amount was also spent on various projects carried out by the Fund.

Maigari added that the Fund spent and incurred a deficit of N255 million in 2022 because they had a carryover of liabilities in 2021.

Faleke however said, “It’s like the government opened this agency for you and your family. That is what you are saying. That is the meaning. You generated almost N2.5 billion and you spent the N2.5 billion to the kobo. You generated N2, 492, 996, 588.13 from one source and then expended the exact same amount. And you put performance, 100 percent.

“We are going to carry out a status enquiry on the Nigerian Lottery Trust Fund. Status enquiry means we are going to bring in an external auditor to audit your accounts, your books, all your income and expenses from day one to date. We would send our report to the plenary and if you are found guilty, you will be made to refund all expenditure and if you are found guilty, and any other punishment thereof.

Faleke said the Fund was fully funded by the Federal Government hence it was bound by law to remit 100 percent of its IGR.

Leave a Comment