Act No. VIII OF 2005

An Act to amend the Export Development Fund Act, 1999

WHEREAS it is expedient to amend the Export Development Fund Act, 1999 (VI of 1999), for the purposes hereinafter appearing;

It is hereby enacted as follows:

1. Short title and commencement.–(1) This Act may be called the Export Development Fund (Amendment) Act, 2005.

(2) It shall come into force at once.

2. Amendment of section 3, Act VI of 1999.–In the Export Development Fund Act, 1999 (VI of 1999), in section 3,–

(a) in sub-section (2), after clause (i), the following new clause shall be inserted, namely:–

“(ia) the whole receipts of the Export Development Surcharge collected by the Federal Government;”; and

(b) after sub-section (2) amended as aforesaid, the following new subsection shall be inserted, namely:–
“(2A) For the purposes of clause (ia) of sub-section (2), in each year’s budget estimates, the Ministry of Finance shall propose to the Parliament an appropriation equivalent to the receipts of the Export Development Surcharge collected during the preceding year which shall be transferred to the Fund after the approval of budget estimates for the year.

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