Section 2: Functions of the Board and directions by the Minister

(1) The functions of the Board shall be-
(a) to undertake the bulk purchase of fertilizer, for distribution to State Governments at such subsidised prices as may be determined, from time to time, by the Federal Government;
(b) to transport such fertilizer to central warehouses in the States as may be mutually agreed to between the Board and the State Governments concerned;
(c) with the approval of the President, to fix, from time to time, the retail price at which fertilizer is to be sold by State Governments to farmers or other consumers; and
(d) to carry out such other activities as are necessary or expedient for the full discharge of the functions conferred on it under or pursuant to this Act.
(2) Notwithstanding subsection (1) (a) of this section, any contract for the purchase of fertilizer of a value of not less than N1 million, shall be referred to the President for approval through the Minister before any award of such contract is made.
(3) The Minister may give to the Board directions of a general character or relating generally to particular matters, with regard to the exercise by the Board of its functions under this Act, and it shall be the duty of the Board to comply with such directions.