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(1) The Council shall within six months after the expiration of each financial year submit to the Minister through the National Council for Tertiary Education an annual report covering the activities and operations of the Institute for the year to which the report relates.

(2) The annual report submitted under subsection (1) shall include the report of the Auditor-General.

(3) The Council shall also submit to the Minister through the National Council for Tertiary Education such other reports as the Minister may in writing require.

(4) The Minister shall within two months after the receipt of the annual report submit the report to Parliament with such statement as he may consider necessary.