Section 14: Annual accounts and estimates

1 The Fund shall keep accounts in respect of each year and proper records in relation to those accounts and shall cause to be prepared in each year a statement —
a
showing the income and expenditure of the Fund for the preceding year; and
b of all assets and liabilities of the Fund as at the last day of the immediate preceding year.

2 The Fund shall cause every statement prepared under this section to be audited within six months after the end of the year to which the statement relates by auditors appointed from the list and in accordance with the guidelines supplied by the Auditor-General for the Federation.

3 The Fund shall submit to the Minister, not later than 31 August in each year, an estimate of its expenditure and income during the next succeeding year.