Petroleum (Special) Trust Fund Act

An Act to establish a Special Petroleum Trust Fund into which shall be paid all monies accruing from the sale price of petroleum products; to provide for the identification, funding and execution of projects in various sectors, and for matters connected therein.

[1994 No. 25.]

[Commencement. ] PART I

[4th October, 1993]

Establishment and composition, etc., of the Petroleum (Special) Trust Fund

and Management Board, etc.

1. Establishment of the Petroleum (Special) Trust Fund

(1) There is hereby established a fund to be known as the Petroleum (Special) Trust Fund (in this Act referred to as “the Fund”) into which shall be paid all the monies re- ceived from the sale of petroleum products less the approved production cost per litre which, for the time being, is as follows-

(a) cost of crude oil

(b) excise duty and V AT

(d) NNPC cost and margin

and which Fund shall be operated and managed as provided in this Act.

[1995 No. I.]

(2) The Fund shall-

(a) be a body corporate with perpetual

(b) may sue and be sued in its corporate name.

N 2.35k; 33k;

N I.30k;

succession; and

(3) The Fund shall be located in the Presidency and N 1.70k, shall not be subject to the

direc- tion, control or

supervision of any other authority or person in the performance of its functions under this Act other than the President.

(4) Notwithstanding the provisions of subsection (1) of this section, the President may, by order, vary, add, amend or substitute new and approved production cost per litre of petroleum products as and when he may deem fit in the circumstance.

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