Section 28: Budget Statement

28. Budget Statement.—(1) The Corporation shall, in respect of each financial year, prepare its own budget and submit to the Federal Government three months before the commencement of every financial year for allocation of funds required before the commencement of every financial year. (2) The budget statement shall specifically state the estimated receipts and expenditure and the sums which are likely to be required by the Corporation from the Federal Government for the relevant financial year. (3) Any surplus of receipts over the actual expenditure in a year shall be remitted to the Federal Consolidated Fund and any deficit from the actual expenditure shall be made up by the Federal Government. (4) Notwithstanding the provisions of sub­section (1) the Corporation may apply to the Federal Government for a supplementary grant during the financial year for sufficient reason.

Effective date: 2000-01-01

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