Section 40: Application of the Trust Fund.

The proceeds of the Trust Fund established under section 35 of this Act shall be applied, from time to time-(a) to fund projects approved by the President, on the recommendation of the Board of Trustees, to be in the interest of the Nigerian community and such projects shall include but not limited to projects for the advancement, upliftment and promotion of sports development, education, social services, public welfare and relief, and management of natural disasters in Nigeria;
(b) to the cost of administration of the Trust Fund;
(c) subject to section 39 of this Act, for the payment of emoluments, allowances and benefits of members of the Board of Trustees and for reimbursing members of the Board of Trustees or any committee set up by the Board of Trustees for such other expenses as may be expressly authorised by the Board of Trustees;
(d) for the payment of salaries, fees or other remuneration or allowances, pensions and other benefits payable to the staff and other employees of the Trust Fund, so however that no payment of any kind under this clause (except such as may be expressly authorised by the Board) shall be made to any person who is in receipt of emoluments from the Federal Government or of a State; and
(e) for and in connection with all or any of its functions made under this Act.