National Lottery Trust Fund and its functions are explained in this article. We hope you find this information helpful and educative.
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The National Lottery Trust Fund is a governmental agency that was created under the section of the National Lottery Act 2005.
The essence of the creation of the agency was in order to expedite the National development goals of the country by promoting a clear passage to funding from the lottery in order to facilitate great and life-changing projects that can also be sustainable so as to create a lasting impact on the lives of people and their communities.
The National lottery commission appointed its pioneer board of trustees and officially began its operations in the Month of November 2005.
As a result, the commission is one of the leading promoters of the essence of lotteries as well as being another source whereby people make money, the trust fund amongst other things is geared towards investing so much money raised from lotteries in other to supplement the determination of the government to provide basic health care facilities, good and quality education system, ecological, helping internally displaced people to gain settlement as well as the provision of world-class sporting facilities.
The trust fund is authorized to get a constitutional 20% upon all lottery proceeds and when the funds are received, the commission further channels the resources to the necessary authorities for proper utilization.
The Trust fund is accountable to the President of Nigeria directly through the office of the Minister of Special Duties and Inter-Governmental Affairs of the Federation of Nigeria.
According to the motto of the trust fund which says that they are the ‘Drivers for Social Transformation’, the Commission is persuaded to follow and track sustainable social investment in a comprehensive, complete, unique, and combined approach that is fully grounded and rooted in the development agenda of Nigeria in order to systematically supplement the efforts of the leadership of the country in making sure that the lives and well beings of all Nigerians are greatly improved as a result of the great investment of funds gotten from lottery into projects that responds to and meets the need of the people.
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Functions of National Lottery Trust Fund
Some other Functions of National Lottery Trust Fund include:
- Promotion of adequate access to lottery funding given declining mediums of public finance as well as delivering good social outcomes to those people who are in need through the promotion of good cause in the regional development work countrywide.
- Delivering Intervention Programmes that are in line with the goals set out in their plan that steadily focus on how their resources, when approved by the president and recommended by the board of trustees while keeping and sustaining the flexibility to quickly respond and effectively to the changing, wants from those applying, those that would apply and remain steadfast in intervening projects that are prescribed by the law.
- Weighing and evaluating the advantages which the intervention funding by the lottery has brought for the nation and also encouraging the continuity of protection of these legacies by those who benefit from it.
- Continuous awareness creation concerning lottery value to civilized life and its legacy transforms and also nurtures the understanding of the role of National lottery funding among Nigerians.
These are just some of the functions of this trust fund, there are some other ones too and it is important that everyone knows them. You can visit the official website of this trust fund at www.nltf.gov.ng.