Section 7: Financial provisions.

(1) There may be made to the Authority out of moneys provided by the Federal Government payments for the purposes of this Act, either by way of grant or by way of loan or both, of such amounts and on such terms as may be approved by the Minister; and the funds of the Authority shall consist of any payments so made and of all other moneys received by the Authority in the course of its activities under this Act.
(2) The Authority shall submit to the Minister not later than 31st December in each financial year an estimate of its expenditure and income (excluding payments to the Authority out of moneys provided by the Federal Government) during the next succeeding financial year.
(3) The Authority shall keep proper accounts in respect of each financial year (and proper records in relation to those accounts) and shall cause its accounts to be audited as soon as may be after the end of each financial year by auditors appointed, with the approval of the Minister of Finance and Economic Development, from the list of auditors and in accordance with guidelines laid down by the Auditor-General of the Federation.
(4) The Minister, if he thinks fit, may modify the requirements of subsections (2) and (3) of this section, in their application to the financial year during which the Authority is established.
(5) With the approval of the National Council of Ministers, the Minister may issue to the Authority directives as to the disposal of surplus funds, and subject to any such directives the Authority may invest its funds and maintain a general financial reserve.