Section 24: Expenditure to be charged on the Fund

24. Expenditure to be charged on the Fund.—(1) The Fund shall be expended for the purpose of— (a) paying any expenditure lawfully incurred by the Commission, including the remuneration of Commissioners and employees appointed and employed by the Commission, including provident fund contributions, superannuating allowances or gratuities and legal fees and cost and other fees and costs; (b) paying any other expenses, costs or expenditure properly incurred or accepted by the Commission in the performance of its functions or the exercise of its powers under this Act; (c) purchasing or hiring equipment, machinery and any other materials, acquiring land and erecting buildings, and carrying out any other work and undertakings in the performance of its functions or the exercise of its powers under this Act; 1Subs. by Finance Act 1999 (Act No. IV of 19990, s.17. 2Omitted, subs. added, and ins. by Act No. XXXVI of 2016, s. 10. (d) repaying any financial accommodation received or moneys borrowed under this Act and the profit, return, mark-up or interest due thereon (howsoever called); and (e) generally paying any expenses for carrying into effect the provisions of this Act 1[or any administered legislation]. (2) Within ninety days of its establishment, the Commission shall prepare and submit to the Board for its approval, a budget for the period up to and including the end of the then current financial year and thereafter it shall, not later than thirty days 3[before the expiry] of each financial year, submit to the Board for approval a budget for the next financial year. (3) No expenditure shall be made for which provision has not been made in any approved budget except if made from any previously approved contingency funds, unless further approval is sought and obtained from the Board. 2[(3A) Any surplus of receipts over the actual expenditure 1[including budgeted capital expenditure] in a year, after payment of tax, shall be remitted to the Federal Consolidated Fund and any deficit from the actual expenditure shall be made up by the Federal Government.] (4) The Commission shall act as the secretariat of the Board and provide all the necessary facilities to enable the Board to exercise its powers and perform its functions under this Act and the necessary and proper expenses in that connection shall form part of the budget of the Commission.

Effective date: 1997-01-01

Related sections