House of reps to investigate alleged misappropriation of N2.5 billion

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House of reps to investigate alleged misappropriation of N2.5 billion
House of reps to investigate alleged misappropriation of N2.5 billion

The House of Representatives Committee on Finance is conducting a status enquiry into the National Lottery Trust Fund over allegations of misappropriating its entire internally generated revenue (IGR) of N2.5 billion in 2023.

Committee Chairman James Faleke issued the directive during an interactive session on the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper.

The Committee also ordered probes by the Fiscal Responsibility Commission and the Office of the Accountant General, with a requirement for reports.

Executive Secretary/CEO Bello Maigari stated that the Fund generated N2,492,996,588.13 in 2023, which was entirely expended on various projects.

Faleke expressed skepticism about the complete expenditure of all revenue generated by the Fund, emphasizing the need for a status enquiry to audit the accounts thoroughly.