Section 8: Financial provisions.
(1) The Agency shall establish and maintain a fund (in this section referred to as "the fund") from which shall be defrayed all expenditure incurred by the Agency.
(2) There shall be paid and credited to the fund-
(a) such moneys as may, from time to time, be granted to the Agency by the Federal Government; and
(b) all other moneys which may, from time to time, accrue to the Agency.
(3) The fund shall be applied towards the promotion of the objects of the Agency under this Act and the payment of remuneration (including provisions for pension, gratuity, superannuation or other retirement benefits) to or in respect of any employee or agent of the Agency.
(4) The Board may, with the approval of the President, borrow money in connection with the operations of the Agency, and invest part of the fund in such securities as the Minister may, from time to time, approve.
Cite this section
Section 8, NEWS AGENCY OF NIGERIA ACT (1976).
https://repo.podus.ai/laws/news-agency-of-nigeria-act/section/8/