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Senate on Thursday passed the National Sports Lottery Act, 2005 Amendment Bill (SB.227) for the third reading.
The bill for the amendment of the Act was sponsored by Senator Dino Melaye (APC, Kogi West).
Daily Trust several months back reported that Melaye said lottery has the capacity to generate revenue as much as crude oil.
He said due to the massive corruption in the lottery sector, the Federal government was not generating enough revenue in the sector.
” The era whereby an investor will generate N50bn from lottery in the country and remit only 5 percent to the government is gone, “he said.
Contributing to the debate, the Deputy Senate President, Ike Ekweremadu, said the potentials of the lottery sector was being underestimated.
In his remarks, the Senate President, Bukola Saraki, said government can generate N350billion annually from the lottery sector.
” We are looking for funds in order to provide necessary infrastructures for the populace. We have underestimated the kind of revenue in the sector. It is estimated that government can generate N350billion annually from the sector, “he said.