Section 20: Funds of the institute.

(1) There is established for the Institute a fund (“the Fund”) which shall consist of-
(a) budgetary allocations, grants and annual subventions received from the Government of the Federation;
(b) all money held immediately before the commencement of this Act by the National Institute for Hospitality and Tourism;
(c) all money raised for the Institute by way of gifts, loans, endowment, grants-in-aids, testamentary disposition, bequest or other voluntary contributions from philanthropic organisations or persons, if the terms and conditions attached are not inconsistent with the functions of the Institute;
(d) charges, fees and other sums collected or received for services rendered by the Institute; and
(e) all other funds which may accrue to the Institute.
(2) Subject to the provisions of the Constitution of the Federal Republic of Nigeria, 1999, the Fund of the Institute shall be managed in accordance with Financial Regulations applicable in the Public Service of the Federation.
(3) The Institute may apply the Fund-
(a) to pay the costs of administration, charges and expenses of the Institute;
(b)
to discharge the cost of maintaining the head office and other campuses of the Institute and for the development and maintenance of any property vested in or owned by the Institute;
(c) for the payment of allowances and other benefits of members of the Board or any committee set up by it;
(d) for the payment of emoluments, allowances, benefits and other entitlements of the Director-General and other staff of the Institute;
(e) for the payment of all purchases made by the Institute and the training of members of its staff, including the provision of scholarships, bursaries and awards for specialised training of members of staff of the Institute;
(f) for the payments required to publicise and promote the activities of the Institute;
(g) for the payment to various stakeholders involved in the activities of the Institute;
(h) for counterpart payments, annual and other subscriptions and contributions for the support of national and international professional organisations, including international exchange programmes;
(i) for maintaining general financial reserves subject to general or specific directives that may be given by the Minister;
(j) for the payment of all consultancies, legal fees, judgment debts and costs of contracts awarded by the Board; and
(k) for any other expenditure, as may be approved by the Board in connection with all or any of its functions and powers under this Act.