Tag: National Lottery Trust Fund

  • Tinubu unveils National Lottery Trust Fund

    Tinubu unveils National Lottery Trust Fund

    President Bola Ahmed Tinubu has unveiled the four-year strategic plan on National Lottery Trust Fund to create opportunities for Nigerians and promote socioeconomic development.

    Unveiling the Fund on Monday at the State House Conference Centre, Abuja, Tinubu said the aim is to empower Nigerian communities thereby generating gainful skills for citizens.

    The President, represented by the Secretary to the Government of the Federation, Senator George Akume, asserted that the current administration is conscious of the significant role the gaming industry plays in national development.

    “This initiative marks a significant move in the commitment of President Bola Tinubu’s administration to empowering the Nigerian communities and promote socioeconomic development.

    “The present administration is conscious of the significant role the gaming industry plays in national development, this necessitate the introduction of revenue assurance platform that is to be launched soon for Nigerian people to benefit from the industry.”

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    He acknowledged the collective efforts of all stakeholders in driving progress in the lottery sector, he commended the present leadership of the National lottery saying the trust fund is a testament of rewarding partnerships.

    “I want to acknowledge the importance of collective efforts in driving progressive national lottery trust fund is a testament to what can be achieved when we work together towards a common goal.

    “The strategic plan is designed to create opportunities to every Nigerian inside with the renewed hope agenda of our administration,  we envisaged a future where people are empowered ,skilled and engaged in meaningful ways.

    “I commend the new leadership of the trust fund ,I urge all stakeholders to join hands today we can make the lasting impact on the lives of our rural communities. 

    “And it is my singular honour to unveil this strategic plan on National Trust Fund to the benefit of mankind”, the President added

     Tosin Adeyanju, the Executive Secretary of NLTF, said the unravelling of the plan marked a significant step towards enhancing its mandate and deepening its impact on Nigerian communities as envisaged by the President.

    He reiterated that the NLTF was committed to delivering good causes and worthwhile interventions across various sectors and in communities in need of such good causes in Nigeria.

    “So far, the NLTF has since its establishment in 2005, successfully implemented over 306 projects nationwide, touching lives and transforming communities.

    “This, we have continued to do without interruption since I assumed the mantle of the fund’s leadership.

    “I wish to restate that we are open to ideas and innovations with moral limits as I pledge at this point to assure Mr President and Nigerians that we do not intend to fail,” Adeyanju said.

    He expressed gratitude to President Tinubu for finding him worthy to be appointed to steer the affairs of the organisation.

    “I solemnly pledge to discharge my duties in furtherance of the expectations of Mr President and fellow country-men and women of all classes,” Adeyanju said.

  • Group debunks allegation against NLTF

    Group debunks allegation against NLTF

    The Center for Peace, Transparency and Accountability has refuted the allegation of misappropriation of internally generated revenue (IGR) by the National Lottery Trust Fund (NLTF).

       The Executive Director, Comrade Patrick Ogheneyero, said NLTF acted in accordance with the law establishing it.

     The House of Representatives Committee has placed the NLTF on status enquiry for spending the entirety of its IGR.

     Ogheneyero said: “Part of the allegations is that the agency failed to justify the spending of six billion IGR in 2022 and spending the money without budgetary approval.

      “The panel also alleged that NLTF also spent over N2.0 billion in 2023 without approval.”

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    He said the allegations are baseless since there was no single evidence to prove the act of misappropriation committed by the NLTF while discharging its enshrined mandate.

     “In fact, all its actions are fully guided and backed by laws and in line with the provisions of the Act that established the agency as overseer and revenue generation body around the gaming industry in Nigeria.

      “Thus, it behooves on us to shed light on this matter as it pertains to transparency, accountability and ethical conduct of public officials.

      “To set the record straight, we refer to the Act that established the NLTF as an independent body, which empowers the Trust Fund to use its IGR, after 40 per cent deduction from source in line with finance act 2020.  

    “Section 40 of the National Lottery Trust Fund Act gives its management the power to use the fund as an intervention fund in specific areas of critical human interests aimed at improving the citizens’ lives and welfare.