Afrigather 
The Home of Representatives Committee on Finance on Monday mentioned it can audit the books of the Nationwide Lottery Belief Fund for spending virtually N2.5 billion Internally Generated Income of the company for 2023 with out remitting something to the coffers of the federal authorities.
The committee, which positioned the company on standing enquiry for spending 100 per cent of its internally generated income (IGR), mentioned it can appoint an exterior auditor to audit the accounts of the Fund and the report could be made accessible to the Home for additional motion.
The Chairman of the Committee, Hon James Faleke, who mentioned this throughout the ongoing 2024-2026 Medium Time period Expenditure Framework and Fiscal Technique Paper interactive session with MDAs, additionally directed the Fiscal Duty Fee and the Workplace of the Accountant Common to additionally probe the Fund and submit their stories to the committee.
This was because the Government Secretary/Chief Government Officer of the Fund, Bello Maigari, appeared earlier than the committee within the ongoing 2024-2026 Medium Time period Expenditure Framework and Fiscal Technique Paper interactive session with Ministries, Departments and Businesses.
Learn Additionally:
Presenting his submission on remittances to the federal authorities, Bello instructed the committee the fund has to date in 2023 generated N2, 492, 996, 588.13 of which your complete sum has been expended on numerous initiatives.
Bello mentioned the cash was raised from statutory remittances from licensees and allow holders.
He additionally instructed the committee that N6.28 billion was generated in 2022, however the quantity was additionally spent on numerous initiatives carried out by the Fund.
He added that the Fund spent and incurred a deficit of N255 million in 2022 as a result of they’d a carryover of liabilities in 2021.
However responding to his presentation, Faleke mentioned, “It’s like the federal government opened this company for you and your loved ones. That’s what you’re saying. That’s the that means. You generated virtually N2.5 billion and also you spent N2.5 billion to the final kobo. You generated N2, 492, 996, 588.13 from one supply after which expended the very same quantity. And you place efficiency, 100 per cent.
“We’re going to perform a standing enquiry on the Nigerian Lottery Belief Fund. Standing enquiry means we’re going to usher in an exterior auditor to audit your accounts, your books, all of your revenue and bills from day one thus far. We’d ship our report back to the plenary and in case you are discovered responsible, you may be made to refund all expenditure and in case you are discovered responsible, and every other punishment thereof,” he mentioned.
