Section 10: Financial provisions

1 The Board shall prepare and submit to the Minister, not later than the 31st day of October in each financial year, an estimate of its income and expenditure during the next succeeding financial year; and such estimates shall be submitted by the Minister for approval by the President.

2 The Board 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 the financial year to which the accounts relate by a firm of auditors approved from the list of auditors and in accordance with the guidelines submitted by the Auditor-General for the Federation as respects that year, by the Minister for Finance.

3 The Board shall with the approval of the Minister have power-
a to borrow money; or
b to charge fees for any facilities provided by or by arrangement with the Board (including in particular the provision of tuition, treatment and accommodation).