Section 3: Functions of the Board.

(1) The Board shall be responsible for-
(a) receiving monies accruing to the Fund;
(b) disbursing monies from the Fund within the first week of every month to the Federation Account, the Nigerian National Petroleum Corporation and to such other beneficiaries as may be determined from time to time by the President;
(c) retaining the balance of the money accruing to the Fund, after the disbursement specified in paragraph (b) of this subsection, for the discharge of its functions under this Act;
(d) scrutinising and approving projects in the following sectors-
(i) road and road transportation including waterways;
(ii) education;
(iii) health;
(iv) food supply;
(v) water supply;
(vi) security services; and
(vii) such other sectors as may be approved from time to time;
(e) exercising control over the management of the Fund with a view to ensuring accountability and proper utilisation of the Fund for the purposes set out in this Act;
(f) liaising with Ministries, Extra-Ministerial Departments, the State and local governments in identifying, funding and executing projects in the various sectors set out in paragraph (c) of this subsection;
(g) entering into contractual agreements for the purpose of executing approved projects;
(h) exercising supervisory authority over the Trust Fund Project lmplementation Task Force established by section 8 of this Act; and
(i) carrying out such other activities as are necessary and expedient for the purpose of achieving the objectives set out in this section of this Act.
(2) The Board shall also have power to carry out such activities as may appear to the Board to be incidental or conducive to the attainment of its objects under this Act.