Section 11: Financial provisions

(1) The funds of the Institute shall consist of grants made to it by the Federal Government and such other sums as may accrue to it, from time to time, as provided for by the provisions of this Act.
(2) The Council may, with the consent of the Minister or in accordance with the general guidelines approved by the President, borrow such monies as it may require on such terms and conditions as it deems fit, and if need be, upon such security of all or any of the property movable or immovable of the Institute.
(3) The Council may invest any monies belonging to the Institute by way of endowment (whether for general or special purposes) and any such monies of the Institute as may not be immediately required for current expenditure in any investments or securities or in purchase or improvement of land, with power to vary any such investments and to deposit any monies for the time being uninvested, with any bank on deposit or current account.
(4) The Council may charge fees for courses, lectures, seminars or any other educational activities organised by it.
(5) The Institute shall keep proper accounts and proper records in relation thereto and shall submit to the Minister, not later than 30 June in each financial year (or such other date as the Minister may appoint), an estimate of its expenditure and income during the next succeeding financial year.
(6) The Director shall, as soon as may be, after the end of the financial year to which the accounts relate, cause the accounts of the Institute to be audited by auditors appointed by the Institute from the list of auditors and in accordance with guidelines supplied by the Auditor-General for the Federation.
(7) The Director shall on the completion of the audit of the accounts of the Institute for each financial year, prepare and submit to the Council, not later than six months after the financial year to which the accounts relate, the reports of the audit setting out-
(a) general observations and recommendations of the auditors on the financial affairs of the Institute for the year and on any important financial matters which the auditors desire to bring to the notice of the Council; and
(b) detailed observations and the recommendations of the auditors on all aspects of the finances of the Institute for that year.