Section 24 Petroleum Industry Act 2021
Section 24 Petroleum Industry Act 2021 is about Fund of the Commission. It is under Part III (The Commission) of Chapter 1 (Governance and Institutions) of the Act.
(1) The Commission shall maintain a Fund (in this Act referred to as ”the Commission Fund”) into which money accruing to the Commission shall be paid and all expenditures of the commission shall be subject to appropriation by the National Assembly.
(2) The source of the Commission Fund shall be as follows-
(a) money appropriated by the National Assembly for the Corn mission:
(b) fees charged by the Commission for services rendered to licensees, lessees, permit holders and other authorisations issued by the Commission;
(c) cost of collection by the Commission;
(d) income derived from publications made by the Commission and other related activities, including data sales;
(e) fees paid to the Commission for using facilities owned or managed
by the Commission; and
(f) money accruing to the Commission by way of grants, aids, gifts, testamentary di spos it ions, endowments and contributions.
(3) The Commission Fund shall be applied-
(a) to meet approved budgetary obligations of the Commission;
(b) to meet administrative and operating cost of the Commission ;
(c) to pay salaries, wages, fees or other remuneration or allowances, pensions and other retirement benefits payable to employees of the Commission;
(d) to acquire and maintain any property acquired by or vested in the Commission;
(e) for investments, as provided under the Trustee Investments Act or
any other applicable legislation, subject to the approvaI of Minister responsible for Finance; and
(f) in connection with any of the functions of the Commission under this Act.
(4) The Commission shall ensure that money accruing from royalties and rents charged under this Act or any subsidiary legisIation made under this Act on royalties and rents are paid into the Federation Account.
(5) At the end of each financial year, any money that accrued to the Commission Fund under subsection (2), which have not been utilised for the purposes provided under subsection (3), shall be paid into the Consolidated
Revenue Fund.
(6) The Commission may accept grants of money or property on such terms and conditions as may be specified by the person or organisation making the grant, provided that-
(a) the terms and conditions of the grant are consistent with the objectives and functions of the Commission; or
(b) no such grant is accepted from any person or organisation regulated by the Commission.
(7) Nothing in subsection (6) or under this Act shall be construed as authorising the Commission Chief Executive. commissioners, officer or employee of the Commission to accept any grant for their personal use.
(8) The Commission shall keep proper accounts of its income and expenditure for each financial year and cause it to be audited within six months after the end of each financial year by auditors appointed by the Commission
from a list of auditors approved in accordance with guidelines, supplied by the Auditor-General for the Federation.
(9) The Commission shall submit to the Minister-
(a) a mid-year report of its operations and finances not later than the 31st of August of each year ;
(b) an annual report of its operations and performance; and
(c) an audited financial account for the year, not later than 31st of March of the following year.
(10) The Commission shall, not later than the 31st of March of each year-
(a) submit to the Minister a summary of its annual report and audited financial accounts: and
( b) publish the annual report and audited financial accounts on its website.
(11) The provisions of any enactment relating to the taxation of companies or trust funds shall not apply to the Commission.
