Section 3: Financial provisions and annual reports (as amended by Section 3 of the Nursing and Midwifery (Registration, etc.) (Amendment) Act, 2022).

(1) The Council shall establish and maintain a fund from which there shall be defrayed all expenditure incurred by the Council.
(2) There shall be paid and credited to the fund established pursuant to subsection (1) of this section-
(a) such monies as the Minister may, out of moneys provided by the Federal Government, pay to the Council by way of grant or by way of loan or otherwise howsoever; and
(b) such sums as may, from time to time, be appropriated by the National Assembly”; and
(c) all funds accruing to the Council by way of gifts, grants in aids, testamentary dispositions and sales of publications;
(d) all subscriptions, fees and charges for services rendered by the Council; and
(e) all other sums that may accrue to the Council from any legitimate source”.
(3) The Council shall prepare and submit to the Minister not later than 31 October of the year in which this Act comes into force (so however that for that year the Minister may, if he considers it necessary, extend the period) and in each subsequent year an estimate of its expenditure and income during the next succeeding financial year.
(4) The Council shall keep proper accounts in respect of each financial year and proper records in relation to those accounts, and shall cause the accounts to be audited as soon as may be after the end of each financial year to which the accounts relate by a firm of auditors appointed, as respects that year, from the list and in accordance with guidelines supplied by the Auditor-General for the Federation.
(5) The Council shall prepare and submit to the Minister not later than twelve months after its establishment and once in each year thereafter a report on the activities of the Council during the last preceding financial year and shall include in the report a copy of the audited accounts of the Council for that year and of the auditors' report on the accounts.