NORTH-EAST DEVELOPMENT COMMISSION (ESTABLISHMENT) ACT, 2017

Section 14: Funds of the Commission.

2017Section 14 of 28Federal Republic of Nigeria

1 The Commission shall establish and maintain a Fund from which shall be defrayed all expenditure incurred by the Commission.

2 There shall be paid and credited to the Fund established under subsection (1) of this section-
a in each financial year, an appropriation of at least 10% annual statutory allocations due to the Member States of the Commission from the Federation Account as the contribution of the Federal Government to the Commission;
b a sum of at least 10% of the Ecological Fund annually for a period of 10 years;
c a sum equivalent to 3% of the annual VAT collection as first line charge, to accrue to the Commission fora period of 10 years, notwithstanding the provisions of any other law;
d such money as may be granted, lent to or deposited with the Commission by the Federal or a State Government, or any other body or institution whether local or foreign;
e money raised for the purposes of the Commission by way of gifts, loans, grants-in-aid, testamentary dispositions or otherwise;
f proceeds from all other assets that may accrue to the Commission; and
g fees charged by the Commission.

3 All money collected by the Federal Government for the development of the North-East Zone shall be domiciled in the Commission.

4 The Fund shall be managed in accordance with extant laws or rules governing public finance.

Cite this section

Section 14, NORTH-EAST DEVELOPMENT COMMISSION (ESTABLISHMENT) ACT, 2017 (2017).

https://repo.podus.ai/laws/north-east-development-commission-establishment-act-2017/section/14/