Communications
2003 No. 19
A 301
(3) Subject to subsections (1) and (2) of this section, the Commission shall
apply the proceeds of the Commission’s Fund—
(a) to meet the administrative and operating costs of the Commission ;
(b) for the payment of salaries, wages, fees and other allowances, retiring
benefits such as pensions and gratuities and, any other remunerations payable
to the Commissioners and staff of the Commission ;
(c) for the purchase or acquisition of property or other equipment and other
capital expenditure and for maintenance of any property acquired or vested in
the Commission ;
(d) for purposes of investment ; and
(e) for or in connection with all or any of the functions of the Commission
under this Act or its subsidiary legislation.
20.—(1) The financial year of the Commission shall start on 1st January of
each year and end on 31st December of the same year.
(2) The Commission shall keep proper records of its accounts in respect of
each year and shall cause its accounts to be audited within 6 months from the end
of each financial year by auditors whose appointment shall be approved by the
Board and shall be subject to reappointment on annual basis provided that such
auditors are on the list of auditors approved from time to time by the AuditorGeneral for the Federation.
21.—(1) The Commission shall prepare and submit to the National Assembly
annually, through the President, not later than 6 months after the end of its financial
year, a report on the activities of the Commission for the preceding financial year
and shall include therein the Commission’s audited accounts for the year under
review together with the auditor’s report thereon.
Financial
year and audit
of
Commisssion’s
accounts.
Annual
reports for the
National
Assembly.
(2) The Commission’s report under subsection (1) of this section shall have
as an attachment thereto the report specified in section 89 of this Act.
22. The provisions of any enactment relating to the taxation of companies
or trust funds shall not apply to the Commission.
Exemption
from taxation.
CHAPTER III—FUNCTIONS OF THE MINISTER AND NATIONAL FREQUENCY
MANAGEMENT COUNCIL
PART 1—FUNCTIONS OF THE MINISTER
23. The Minister shall have the following responsibilities and functions
pursuant to this Act—
(a) the formulation, determination and monitoring, of the general policy for
the communications sector in Nigeria with a view to ensuring, amongst others,
the utilisation of the sector as a platform for the economic and social development
of Nigeria ;
(b) the negotiation and execution of international communications treaties
and agreements, on behalf of Nigeria, between sovereign countries and
international organisations and bodies ; and
Functions of
the Minister.