Section 47: Funds of the Authority.

1 The Authority shall maintain a Fund (in this Act referred to as “the Authority Fund") into which money accruing to the Commission shall be paid.

2 The source of the Authority Fund shall be—
a money appropriated by the National Assembly for the Authority;
b fees charged by the Authority for services rendered to licensees, lessees, permit holders and other authorisations issued by the Authority;
c 0.5% of the wholesale price of petroleum products sold in Nigeria, which shall be collected from wholesale customers;
d income derived from publications made by the Authority and other related activities, including data sales;
e fees paid to the Authority for using facilities owned or managed by the Authority; and
f money accruing to the Authority by way of grants, aids, gifts, testamentary dispositions, endowments and contributions.

3 The Authority Fund shall be applied—
a to meet the approved budgetary obligations of the Authority;
b to meet the administrative and operating cost of the Authority;
c to pay salaries, wages, fees or other remuneration or allowances, pensions and other retirement benefits payable to employees of the Authority;
d to acquire and maintain any property acquired by or vested in the Authority;
e for investments, as provided under the Trustee Investments Act or any other applicable legislation, subject to the approval of Minister responsible for Finance; and
f in connection with any of the functions of the Authority under this Act.

4 At the end of each financial year, any money that accrued to the Authority Fund under subsection (2), which have not been utilised for the purposes provided under subsection (3), shall be paid into the Consolidated Revenue Fund.

5 The Authority may accept grants of money or property on such terms and conditions as may be specified by the person or organisation making the grant, provided that—
a the terms and conditions of the grant are consistent with the objectives and functions of the Authority; or
b no such grant is accepted from any person or organisation regulated by the Authority.

6 Nothing in subsection (6) shall be construed as authorising the Authority Chief Executive, directors, officer or employee of the Authority to accept any grant for their personal use.

7 The Authority shall keep proper accounts of its income and expenditure for each financial year and cause it to be audited within six months after the end of each financial year by auditors appointed by the Authority from a list and in accordance with guidelines supplied by the Auditor-General for the Federation.

8 The Authority shall submit to the Minister—
a a mid-year report of its operations and finances not later than the 31st of August of each year;
b an annual report of its operations and performance; and
c an audited financial account for the year, not later than 31st of March of the following year.

9 The Authority shall, not later than the 31st of March of each year—
a submit to the Minister a summary of its annual report and audited financial accounts; and
b publish the annual report and audited financial accounts on its website.

10 The provisions of any enactment relating to the taxation of companies or trust funds shall not apply to the Authority.