Section 9: General Funds of the University

(1) There shall be a general fund for the University which shall consist of—
(a) annual budgetary allocation by the Federal Government through appropriation by the National Assembly;
(b) statutory grants from N IM AS A to augment paragraph (a) for administration, management and research on maritime and maritime related discoveries;
(c) grants-in-aid;
(d) Fees;
(e) income derived from investments;
(f) gifts, legacies, endowments and donations not accepted for a particular purpose;
(g) income derived from the performance of any function conferred or imposed on the University by this Act;
(h) any other amounts, charges or dues recoverable by the University;
(i) revenue accruing to the University by way of subventions;
(j) interests on investments;
(k) donations and legacies accruing to the University from any source for the general or special purposes of the University; and
(l) regular TETFUND interventions.
(2) Subject to subsection (1) (b), NIMASA shall, not later than 30 September in each financial year, prepare and forward to the Minister for presentation to the National Assembly for approval, a statement of estimated income and expenditure to augment subsection (1) (b).