Section 7: Financial provisions

(1) The funds of the Commission shall consist of-
(a) all such sums as may be charged by the Commission as fees, dues and other amounts payable to the Commission pursuant to subsection (3) of section 8 of this Act;
(b) all revenue accruing to or vested in the Commission by way of grants-in-aid or otherwise howsoever; and
(c) any other monies saved by the Commission such as prodeeds from the operation of interest-free scheme or borrowed pursuant to the provisions of this Act or any other enactment.
(2) In respect of the revenue of each financial year, the Commission shall, except in the case of the first pilgrimage after the commencement of this Act, prepare and submit to the Minister not later than three months before every pilgrimage, an estimate of its expenditure and income during the next succeeding financial year, provided that the Commission shall submit an advance estimate whenever it is requested to do so by the Minister.
(3) Subject to the prescribed rules, the Commission shall keep proper accounts and records in relation to its fund and shall cause its accounts to be audited not later than six months after the end of the financial year to which the accounts relate by auditors appointed from the list and in accordance with the guidelines supplied by the Auditor-General for the Federation.
(4) For the purposes of this section, the prescribed rules shall-
(a) provide a system of accounting whereby the commission shall establish and maintain under its control sufficient amount on an account;
(i) with an interest-free scheme account in Nigeria; or
(ii) as the circumstances may require and with the approval of the Minister of Finance and subject to such conditions as be may impose, with banks outside Nigeria, into which shall be paid monies received by the Commission in the first instance; and
(b) contain provisions-
(i) specifying the manner in which the properties of the Commission and assets of the funds are to be held;
(ii) regulating the making of payment into and out of the funds;
(iii) regulating the keeping of proper accounts and records;
(iv) requiring copies of the accounts of the auditor's report thereon to be furnished to the President through the Minister from time to time.
(5) The Commission may, pursuant to the provisions of this Act from time to time, borrow monies for purposes of carrying out its duties as provided in this Act.