Section 17: General Reserve Fund.

(1) The Fund shall receive into its General Reserve Fund-
(a) 1% of all taxes, levies and duties collected by the Federal Inland Revenue Service, and accruing to the benefit of the Federal Government of Nigeria;
(b) all sums which may be appropriated to the Fund by an Act of the National Assembly;
(c) repayment of capital and interest on any loan granted by the Fund;
(d) investment income of the Fund;
(e) money borrowed from any source in accordance with the provisions of this Act;
(f) money from education bonds or other debt instruments;
(g) money from the Federal Government of Nigeria, as may be directed and approved by the President;
(h) all sums collected as charges and fees by the Fund in the course of performing its functions under this Act; and
(i) all sums accruing to the Fund as donations, gifts, grants, and endowments.
(2) The Fund shall charge to the General Reserve Fund-
(a) amounts payable as loans to qualified applicants for tuition, fees, charges and upkeep;
(b) the operational expenses of the Fund and expenditures which are necessary to attain the objectives and functions of the Fund including remuneration and other costs of employment of staff of the Fund and amounts payable to the members of the Board-
(i) expenditures under this paragraph shall be approved per annum by the President on the recommendation of the Board, and
(ii) provided that the National Assembly shall make such appropriations from the General Reserve Fund to cover the operational costs of the Fund, so long as not more than 10% of the revenue of the Fund in each year, may be appropriated for the operational expenses of the Fund;
(c) interest on the payment of money borrowed on behalf of the Fund and amounts payable for the redemption of bonds and debt securities issued by the Fund;
(d) commission or fees payable to any agent or consultant engaged by the Fund; and
(e) any other payment for anything incidental to or in connection with the functions of the Fund under this Act.