Section 9: Powers of the Board

The Board shall have powers to —
a make regulations for the management of the Fund with the approval of the Minister;
b approve the annual budget of the Fund;
c approve all grants for agricultural research, training and development;
d approve loan for agricultural investment subject to paragraph (b);
e review and monitor the activities of the Fund;
f approve payments (such as remunerations and allowances) to persons employed by the Fund;
g give report on all activities of the Fund on quarterly basis through the Minister to the President;
h specify the manner in which assets of the Fund are to be held and regulate payment into and out of the Fund;
i specify the manner for the timely disbursement and recovery of loans;
j require the keeping of proper accounts and records for the purposes of the Fund in such form as may be specified in the rules;
k require the accounts of the Fund to be audited periodically by the Auditor-General for the Federation;
l ensure the submission of copies of the accounts and the auditor's report to the Federal Executive Council through the Minister;
m monitor the execution of projects; and
n carry out such other activities as may be incidental to the performance of its function under this Act.