Section 10: National Commission for Colleges of Education Fund.

(1) There is established by the Commission, the National Commission for Colleges of Education Fund (in this Act referred to as "the Fund").
(2) There shall be paid and credited to the Fund established under subsection (1) -
(a) such sums as may be made available to the Commission for allocation to colleges of education under section 5 (g) of this Act; and
(b) such other sums as may be credited to the Fund by way of payment of the principal and interest on and other charges in respect of any loan made out of the Fund, and any interest from investments made from the Fund.
(3) The Fund shall be managed in accordance with guidelines given by the Minister responsible for finance, and without prejudice to the generality of the power to give guidelines under this subsection, the guideliness shall in particular contain provisions -
(a) specifying the manner in which the assets of the Fund are to be held and regulating the making of payments into and out of the Fund;
(b) requiring the keeping of proper accounts and records for the purpose of the Fund in such form as may be specified in the guidelines;
(c) requiring copies of the accounts to be audited periodically by the Auditor-General for the Federation; and
(d) requiring copies of accounts and the auditor’s report on them to be presented to the Federal Executive Council through the Minister.