Section 4: Financial provision

(1) The Authority shall maintain a fund which shall consist of -
(a) such moneys as may be allocated to it by the Federal Government;
(b) landing and parking fees;
(c) other airport user charges and fees; and
(d) all other sums that may accrue to or may be received by the Authority in the exercise of its functions under this Act
(2) The financial year of the Authority shall begin on 1st January of each year and end on 31st December of the following year.
(3) The Authority shall keep proper accounts and proper records in relation thereto, and shall prepare in respect of each financial year a statement of accounts in such form as the Minister may direct, being a form which shall conform with the best commercial standards.
(4) The Authority shall as soon as may be after the end of the financial year to which the accounts relate cause its account to be audited by auditors appointed from the list of auditors and is in accordance with the guidelines supplied by the Auditor-General of the Federation.
(5) The auditors shall, on the completion of the audit of the accounts of the Authority for each financial year, prepare and submit to the Authority reports setting out -
(a) general observations and recommendations of the auditors on the financial affairs of the Authority for the year and on any important matters which the auditors desire to bring to the notice of the Authority and the National Council of Ministers; and
(b) detailed observations and recommendations of the auditors on all aspects of the operations of the Authority for that year.
(6) The funds of the Authority for any financial year shall be applied in defraying the following charges-
(a) working and establishment expenses and expenditure on, or provision for, the maintenance and renewal of any of the undertakings of the Authority and the discharge of the functions of the Authority;
(b) interest on any temporary loan raised by the Authority
(c) sums required to be transferred to a sinking fund or otherwise set aside for the purpose of making provision for the repayment of other borrowed moneys;
(d) the remuneration, fees and allowances of the members of the Authority; and
(e) the salaries, fees, remuneration, pensions, superannuation allowances and gratuities of the officers, servants, agents and other persons acting under the authority of the Authority.