Senate tackles National Lottery Trust Fund over N7bn fraud

The Senate through its Committee on Finance, has accused management of National Lottery Trust Fund (NLTF) of N7billion fraud.

The committee chaired by Senator Olamilekan Adeola (APC Lagos West), leveled the accusation against the agency on Monday in Abuja at its ongoing investigation into remittances of MDAs between 2014-2020 and payment of 1 % stamp duty on all contract awards within same period.

It also alleged that the Lottery Trust Fund violated due process in awarding contract worth N1.12 billion in 2014.

Senator Adeola said during the period under review, the Lottery Trust Fund declared N7 billion, but further investigation by the committee revealed that the money spent on good course is more than the money declared by the agency as Internally Generated Revenue (IGR).

The chairman who was amazed about the source of the money spent on the good course which is more that the money declared before the committee asked for the source of the excess fund spent by National Lottery Trust of Fund.

He said: “We discovered another monumental fraud from the National Lottery Trust Fund for money which ordinarily should have been used for good course in accordance with their act.

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