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Gov’t to boost revenue through betting

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By Mercy Kelani

Nigerians spend an average of $15 daily on various online betting and gaming.

The Nigerian government aims to boost revenue from the online gaming and betting industry, considering the huge number of active online bettors in the country, totalling over 65 million. These individuals collectively spend an average of $15 daily on different online gaming activities. In line with this, the Federal government has taken a step towards achieving this goal by presenting equipment to hospitals through the Lottery trust fund. In order to enhance its financial resources, the government has unveiled a proposition to potentially implement a fresh taxation system within the realm of the betting industry.

During an interview with reporters, Zaphaniah Jisalo, the Minister responsible for Special Duties and Intergovernmental Affairs, made this revelation. He shared this information during the official inauguration event where medical equipment was being presented to specific healthcare establishments in Nigeria. The event was organized and sponsored by the National Lottery Trust Fund (NLTF). Fifteen healthcare institutions across the nation’s six geo-political zones have been bestowed with an array of cutting-edge equipment. This generous donation comprises an assortment of advanced facilities including digital X-ray machines, colour-ultrasound machines, suction machines, kidney dialysis machines, hydraulic beds, wheelchairs, blood banks, and a plethora of other state-of-the-art resources.

14 million online bets and transactions are carried out every day.

More so, the minister proudly proclaimed that he, as the overseer, had positioned NLTF as the leading force in spearheading the crucial element of President Bola Ahmed Tinubu’s Renewed Hope Agenda. Africa’s online betting industry thrives as Nigeria emerges as a dominant force, engulfing an astonishing 200 million individuals within its gambling fervour. Consisting of over 50% of the continent’s online betting populace, Nigeria claims the lion’s share in this domain, according to reliable sources. In Nigeria, a staggering number of 14 million online bets and transactions are carried out on a daily basis.

When questioned about the possibility of the Federal Government implementing taxes on online betting companies, the minister responded by promising Nigerians that the government has ambitious plans for the coming year. Assuring that increased revenue is on the horizon, the minister emphasized that they are fully focused on generating income during this crucial period, with the President actively addressing economic matters. Thus, taking this into account, the government will indeed take action in this direction. Jisalo expressed his strong support to the NLTF, urging them to persist in their commendable efforts to uplift the health sector.

Funds sourced from the lottery sector were utilized to improve healthcare.

He believed that such efforts had the potential to eliminate the need for overseas medical tourism once and for all. He voiced his insistence on the need for a thorough monitoring and assessment of the procedure to accurately track the usage of the facility. This is crucial in order to ensure that the intended project outcomes envisioned for the program are effectively achieved for the betterment of the Nigerian people. The funds sourced from the lottery and gaming industry were utilized for the development of healthcare institutions, as highlighted by Bello Maigari, the NLTF’s Executive Secretary. These intervention projects were both initiated and funded through the aforementioned proceeds.

Also, the establishment of the National Lottery Trust Fund occurred as a result of the Nigerian Federal Government’s enactment of the National Lottery Act in 2005, specifically Section 35. The primary objective of this agency is to effectively aid in the accomplishment of the country’s development ambitions. This is achieved by promoting and ensuring unhindered access to lottery funding for projects that serve a meaningful purpose, fostering positive change and sustainability. The ultimate goal is to deliver long-lasting benefits to individuals and communities alike.

Related Article: Developing Nigeria’s Gaming Industry Capacity

On November 2, 2005, the Trust Fund kicked off its activities by officially starting operations and appointing its first Board of Trustees, who were inaugurated on the same day. The Trust Fund, being a strong proponent of lotteries and their potential as an alternate financial resource, is dedicated to investing a substantial amount of money acquired through lotteries. These funds will serve to enhance the government’s initiatives in various projects. These include the development of vital healthcare facilities, the provision of educational resources, the renovation of educational infrastructure, ecological initiatives, the rehabilitation of displaced individuals, and the establishment of top-notch sports facilities.


Related Link

NLTF: Website


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Ask Nigeria
Member
23 days ago

Gov’t to boost revenue through betting.Nigerians spend an average of $15 daily on various online betting and gaming.Express your point of view.

Taiwo
Member
22 days ago

Bets will help the government increase revenue. The average daily expenditure of Nigerians on different forms of online gaming and betting is $15.All together, these people spend $15 a day on various online gaming activities. Thus, through the Lottery trust fund, the federal government has provided hospitals with equipment, marking a step towards the achievement of this objective.

Adeoye Adegoke
Member
22 days ago

That’s quite an interesting topic! It’s true that online betting and gaming have become increasingly popular in Nigeria, with many Nigerians engaging in these activities on a daily basis. While it’s understandable that the government is looking for ways to boost revenue, it’s crucial to consider the potential impact on individuals and society as a whole.
Spending an average of $15 daily on online betting and gaming can add up quickly, and it’s important for individuals to be mindful of their spending habits. It’s also essential for the government to ensure that appropriate regulations are in place to protect consumers and prevent excessive gambling.
While betting can be seen as a form of entertainment, it’s important to promote responsible gambling practices and provide support for those who may develop gambling-related issues. Education and awareness programs can play a crucial role in helping individuals make informed decisions and understand the potential risks associated with excessive gambling.
Ultimately, finding a balance between generating revenue and protecting the well-being of individuals is key. It’s important for the government to consider the long-term implications and implement measures that promote responsible gambling practices while also ensuring transparency and accountability in the industry.
Let’s hope that any initiatives to boost revenue through betting also prioritize the well-being of Nigerians.

Kazeem1
Member
22 days ago

Together, their members spend $15 a day on various online gaming activities. Government actions that encourage responsible gaming should also be taken into consideration in order to increase income and improve financial resources.