Mr. Adolphus Joe Ekpe, Director General of the National Lottery Regulatory Commission recently explained the lottery sharing ratio in Nigeria. This method, according to him was devised to guarantee sustainable development which is enshrined in the National Lottery Act, NLC 2005.
Ekpe said that section 24, requires that 20 per cent of proceeds of all lottery operations should be remitted to the National Lottery Trust Fund, NLTF for deployment towards execution of good causes/ developmental projects in Nigeria.
The sharing formula guarantees 30 per cent to operators, while 50 per cent is earmarked or prizes.
The Nigerian gaming environment is witnessing more interest from cash strapped state governments that are tapping into it to boost internally generated revenue. Private Nigerian companies either working solo or partnering with foreign investors are also plugging into this vital commerce.
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