NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE ACT

Section 20: Fund of the Agency

1992Section 20 of 37Federal Republic of Nigeria

(1) The Agency shall establish a fund from which shall be defrayed all expenditure incurred by the Agency for the purposes of this Act.
(2) There shall be paid and credited to the fund-
(a) 1 per cent of the Federation Account in the first instance, to be increased to 3 per cent by the year 2000;
(b) levy on income or turn-over of commercial companies and firms with turn-over of N4 million and above, which shall be-
(i) at the rate of 1/4 per cent in the first instance;
(ii) collected by the Federal Board of Inland Revenue or by any other suitable means as may be specified by the Agency; and
(iii) credited to the account of the Agency;
(c) contributions from the organised private sector;
(d) foreign aid and assistance from bilateral and multilateral agencies;
(e) fees charged for services rendered by the Agency;
(f) all sums accruing to the Agency by way of gifts, endowments, bequest or other voluntary contributions by persons and organisations.

Cite this section

Section 20, NATIONAL AGENCY FOR SCIENCE AND ENGINEERING INFRASTRUCTURE ACT (1992).

https://repo.podus.ai/laws/national-agency-for-science-and-engineering-infrastructure-act/section/20/