PUBLIC PROCUREMENT ACT

Section 12: Funds of the Bureau.

2007Section 12 of 61Federal Republic of Nigeria

(1) The Bureau shall establish and maintain a Fund, to be approved by the Council into which shall be paid and credited:
(a) the sums appropriated by the National Assembly for the running of the Bureau;
(b) all subventions, fees and charges for services rendered or publications made by the Bureau; and
(c) all other assets which may, from time to time, accrue to the Bureau.
(2) The Bureau shall charge its fund to meet all its expenditure.
(3) The Council may make regulations for the Bureau :
(a) specifying the manner in which assets or the fund of the Bureau are to be held, and regulating the making of payment into and out of the fund; and
(b) requiring the keeping of proper accounts and records for the purposes of the fund in such form as may be specified in the rules.
(4) The Bureau may, from time to time, apply the proceeds of the fund for:
(a) the cost of administration of the Bureau;
(b) the payments of salaries, fees and other remuneration, employees of the Bureau or experts or professionals appointed by the Bureau;
(c) the maintenance of any property acquired by or vested in the Bureau; and
(d) any matter connected with all or any of the functions of the Bureau under this Act.
(e) the payments of salaries, fees and other remuneration, of employees of the Bureau or experts or professionals appointed by the Bureau; and
(f) any expenditure connected with all or any of the functions of the Bureau under this Act.

Cite this section

Section 12, PUBLIC PROCUREMENT ACT (2007).

https://repo.podus.ai/laws/public-procurement-act/section/12/