Section 18: Funds of the Authority.

(1) The Authority shall keep proper accounts and proper records in relation thereto, and shall prepare in respect of each financial year a statement of accounts in such form as the Minister may direct, being a form which shall conform with the best commercial standards.
(2) The Authority shall as soon as may be after the end of the financial year to which the accounts relate, cause its accounts to be audited by auditors who shall with the consent of the Minister be appointed by the Authority from the list of auditors and in accordance with guidelines supplied by the Auditor-General for the Federation.
(3) The auditors shall, on the completion of the audit of the accounts of the Authority for each financial year, prepare and submit to the Authority reports setting out
(a) general observations and recommendations of the auditors on the financial affairs of the Authority for the year and on any important matters which the auditors desire to bring to the notice of the Authority and the President; and
(b) detailed observations and recommendations of the auditors on all aspects of the operations of the Authority for that year.
(4) The Authority shall maintain a fund which shall consist of
(a) such monies as may from time to time be provided by the President for the purposes of this Act by way of grants or loans, as the case may be, or both; and
(b)
such monies as may be received by the Authority in the course of its operations or in relation to the exercise by the Authority of any of its functions under this Act, and from such fund there shall, subject to subsections (5) and (6) of this section, be defrayed all expenses incurred by the Board; and the Board shall submit to the Minister not later than three months before the end of each financial year, estimates of its expenditure and income (which shall exclude payments to the Board out of monies provided by the Federal Government), relating to the next following financial year.
(5) The funds of the Authority for any financial year shall be applied in defraying the following charges
(a) the remuneration, fees and allowances of the members of the Board;
(b) the salaries, fees, remuneration, pensions, superannuation allowances and gratuities of the officers, servants, agents and other persons acting under the authority of the Authority;
(c) working and establishment expenses and expenditure on, or provision for, the maintenance and renewal of any of the undertakings of the Authority and the discharge of the functions of the Authority properly chargeable to revenue account;
(d) interest on any stock issued, or any temporary loan raised, by the Authority; and
(e) sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the redemption of debenture stock or the payment of other borrowed monies.
(6) The balance of such funds shall be applied subject as in section 19 of this Act to the creation of a general reserve, and such other reserves as may be sanctioned by the Minister.
(7) Without prejudice to the generality of section 16 (2) of this Act, it shall be the duty of the Authority to prepare and submit to the Minister, not later than four months after the end of each financial year, a report which shall be in such form as the Minister may direct and shall relate to the activities of the Authority during the immediately preceding financial year.
(8) The report shall include a copy of the audited accounts of the Authority for that year and a copy of the auditors' report on the accounts, and such report shall be presented to the President by the Minister as soon after the receipt thereof as may be convenient.