77. (1) The President shall in respect of every financial year cause to be laid before both the Houses of the Federal Parliament a statement of the estimated receipts and expenditure of the Federation for that year, in this Part of this Constitution referred to as the “annual financial statement”.

(2) The estimates of expenditure embodied in the annual financial statement shall show separately-

(a) the sums required to meet expenditure described by this Constitution as expenditure charged upon the revenues of the Federation; and

(b) the sums required to meet other expenditure proposed to be made from the revenues of the Federation, and shall distinguish expenditure on revenue account from other expenditure,

(3) The following expenditure shall be expenditure charged on the revenues of the Federation-

(a) the emoluments and allowances of the President and other expenditure relating to his office;

(b) debt charges for which the Federation is liable including interest, sinking fund charges and redemption charges, and other expenditure relating to the raising of loans and the service and redemption of debt;

(c) the salaries, allowances and pensions payable to or in respect of judges of the Supreme Court and the pensions payable to or in respect of judges of the Federal Court or of any High Court which immediately before the commencement of this Constitution exercised jurisdiction within the territories of the Provinces of the Federation;

(d) any sums required to satisfy any judgment, decree, or award of any. court or arbitral tribunal;

(e) any other expenditure declared by this Constitution or any Act of the Federal Parliament to be so charged.