National Lottery Trust Fund to be audited in Nigeria

In Nigeria, the House of Representatives Committee on Finance is organizing a probe of the National Lottery Trust Fund over off-budget expenditure by the management.

Lottery revenues in 2023 amounted to about $2.5 billion. That amount included revenue from licensees.

The MPs found that the revenue was spent by the management of the fund on various projects in the country. At the same time, no approval was obtained from the National Assembly for the expenditure of the funds.

An external auditor will be appointed to audit the accounts of the Fund. Upon its completion, the reports will be submitted to the House of Representatives for a decision.

It should be noted that the Lottery Trust Fund is an agency of the Federal Government established under the National Lottery Act of 2005.