NATIONAL SCIENCE AND TECHNOLOGY FUND ACT

Section 6: Financial provisions.

1987Section 6 of 9Federal Republic of Nigeria

(1) The Board shall maintain a fund which shall consist of-
(a) such moneys as may from time to time be provided by the Federal or State Governments by way of loan or grant;
(b) such moneys as may accrue from yearly levy as a percentage of gross income or turnover of major public and private enterprises;
(c) contributions through philanthropic donations;
(d) such moneys as may be received by the Board in the course of its operations or in relation to the exercise of any of its functions under this Act and from such fund there shall be defrayed all expenses incurred by the Board.
(2) Subject to any general or special direction that may be given by the Minister pursuant to section 5 of this Act, the Board may invest its funds and maintain a general financial reserve.
(3) The Board shall keep proper account and records of its receipts, payments, assets and liabilities and shall prepare in respect of each financial year a statement of accounts in such form as the Federal Government may direct.
(4) The Board shall as soon as may be after the end of the financial year to which the accounts relate cause the accounts to be audited.

Cite this section

Section 6, NATIONAL SCIENCE AND TECHNOLOGY FUND ACT (1987).

https://repo.podus.ai/laws/national-science-and-technology-fund-act/section/6/