Section 4: Fund of the Institute

(1) The Council shall establish and maintain a fund, (in this Act referred to as "the Fund") which shall be managed and controlled by the Council and into which shall be paid all money received by the Council, including money held by the Nigerian Statistical Association incorporated under the Companies and Allied Matters Act (in this Act, referred to as "the Association") on its ceasing to exist as provided in section 5 of this Act. [Act No. 3, 2020]
(2) There shall be defrayed from the Fund -
(a) liabilities incurred by or on behalf of the Institute; and
(b) remuneration, allowances, and benefits of employees of the Institute.
(3) The Council may invest money in the Fund in any security created or issued by or on behalf of the Government of the Federation or in any other securities in Nigeria approved by the Council.
(4) The Council may borrow money for the purposes of the Institute if the need arises, and any interest payable on such money borrowed, shall be paid out of the Fund.
(5) The Council shall keep proper accounts on behalf of the Institute in respect of each financial year and proper records in relation to those accounts and the Council shall cause the accounts to be audited by an auditor appointed from the list and in accordance with the guidelines supplied by the Auditor-General for the Federation.
(6) When audited, the accounts shall be submitted to the members of the Institute for approval at the next annual general meeting.
(7) The Auditor, appointed for the purposes of this section shall not be a member of the Council.