Nigeria’s Federal Government is planning to go ahead with the approved Central Monitoring System, repealing the National Lottery Act (NLA) 2005 and the Gaming Act 2021 in the process.
According to The Guardian Nigeria, the decision comes following the realisation of the huge potential of the lottery as a wealth generator, which can have a significant impact on the country’s socio-economic growth.
Senator George Akume, the Minister of Special Duties and Intergovernmental Affairs, stated the moves have taken place: “to accommodate the growing dynamism of lottery business and help steer the industry to international best practices for improved good cause, interventions across the country and also sanitise the industry for much approved revenues.”
Nigeria’s Federal Government is looking inward for revenue sources, with Akume adding that it is: “committed to ensuring that returns obtainable from other non-oil sources of revenues are maximised. Hence, lottery is one of such alternative revenue sources that this government has identified and is determined to make it more productive and sustainable.
“As the sector becomes firmly established, it is our expectation that lottery will be included in the strategic plans of the nation.”
However, the minister also warned all licensed lottery operators and organisations must rise to the challenges or risk facing sanctions.