Lottery can be goldmine for Nigeria – Akume

Lottery activities have been identified as a goldmine that can generate revenue for the country if well managed, according to Punch.

The Details: Speaking during a courtesy visit to the National Lottery Regulatory Commission yesterday, Senator George Akume, Minister of Special Duties and Inter-Governmental Affairs, explained the need for the commission to increase capacity so the nation can benefit from it.

Akume’s words: “I am not an expert in this field, but I am informed and inclined to believe that if what you are doing is properly managed, this commission has the capacity to contribute meaningfully to the uplift of our people.

“The President, Muhammadu Buhari, has made his commitment to lifting over 100 million Nigerians out of poverty in the next 10 years and your commission is in a position to play a major role.

“If this commission is properly organised, I believe, and strongly too, that there’s no way you can’t rake in billions of naira to the coffers of this government. You have told me and others who are experts have also told me that the possibilities here are huge and enormous.”

Promising to empower the commission, Akume tasked them to maximise the potentials of Nigeria’s lottery sector for the purpose of shoring up revenue for the government.

I want us to make a difference, a huge difference by the time the budget cycle begins. With the potential that are here, this commission has the capacity to be second, only to the NNPC,” he added.

How lottery can boost businesses: In a recent Nairametrics article, Managing Director of Bet9ja, Ayo Ojuroye, made a case for lottery businesses in Nigeria, arguing that the business could boost Nigeria’s revenue.

In a statement made available to newsmen, Ojuroye stated that the Nigerian State is already benefiting from lottery companies through taxes and other levies paid to the government.

What you should know: State lotteries can serve as a source of public revenue. Lotteries are used as devices for raising funds for public purposes.

As a source of public revenue, lotteries account for a rather modest fraction of revenue in states that run them, but they are nonetheless one of the most visible state government activities.

Moreover, lotteries are a qualitatively new activity for state governments, in that they are a business operated, in effect, for profit.

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