Section 16: Budget and Expenditure

(1) The Agency shall not later than 30th September in each financial year prepare and forward to the Minister for presentation to the National Assembly for approval a statement of estimated income and expenditure for the following financial year.
(2) The Agency shall provide:
(a) not less than 25% of its revenue for the Maritime Fund; and
(b) not less than 5% of its revenue for the Maritime Academy of Nigeria in its plans as per subsection (1) and (2).
(3) An Agency may open a current account with any bank approved by the Board of the Agency.