Section 7: Financial provisions and audit

(1) The Council shall establish and maintain a fund from which shall be defrayed all expenditure incurred by the Council.
(2) There shall be paid or credited to the fund established in pursuance of this section-
(a) such moneys as may be granted in each year to the Council by the Federal Government;
(b) all other moneys accruing to the Council from any other source.
(3) The Secretary to the Council shall prepare not later than 31 August in each year an estimate of the expenditure and income of the Council during the next succeeding year and when so prepared shall be submitted to the Vice-President for approval.
(4) The Secretary to the Council shall be the accounting officer for the purpose of controlling and disbursing amounts from the fund established by this section.
(5) The accounts of the Council shall be audited by an auditor appointed by the Council from the list and in accordance with the guidelines supplied by the Auditor-General for the Federation.