Section 10: Establishment of the National Secondary Education Fund

(1) There is hereby established a fund to be known as the National Secondary Education Fund (in this Act referred to as "the National Fund") into which shall be paid-
(a) all allocation for secondary education from the Federation Account;
(b) allocation to secondary education from the Education Tax Fund as provided in the Education Tax Act;
(c) all money received by the Commission from endowments and fund raising activities relating to secondary education; and
(d) all sums received as foreign aid for,secondary education in Nigeria.
(2) The Commission shall disburse the amount in the National Fund pursuant to subsection (1) of this section to the State Secondary Education Boards in equal proportion or in such other proportion as the President may, from time to time determine.
(3) Notwithstanding the provisions of subsection (2) of this section, the Commission shall not, except on the direction of the Federal Government, disburse money to a State Secondary Education Board, if it is satisfied that the money earlier disbursed was not applied by the State Secondary Education Board in accordance with the provisions of this Act.