Internal Loans (Rehabilitation, Reconstruction and Development) Act

An Act to authorise the raising of development loans in Nigeria and for related purposes.

[1972 No. 17.]

[1st January, 1969]

[Commencement.]

1. Power to raise loans in Nigeria for development, etc.

authorised (whether generally or in respect of any particular loan) by the President, raise loans in Nigeria, the proceeds of which, after deducting expenses incurred in raising the

loans shall be paid to the Development Fund mentioned in the Finance (Control and Management) Act and, notwithstanding the provisions of that Act relating to the purposes

for which the fund may be used but subject to the other provisions of that Act, shall be applied for both or either of the following purposes, that is to say −

[Cap. L17. Cap. G4. Cap. F26.]

the purposes of the rehabilitation, reconstruction and development programme;

for making loans to State governments on such terms as may be approved by the Minister.

raise loans from the Federal Government and providing that the loans shall not be used otherwise than for the purposes of the rehabilitation, reconstruction and development

programme approved by the State government.

“Minister” means the Minister charged with responsibility for Finance;

“State government” means the government of any State established under the provi-

sions of the States (Creation and Transitional Provisions) Act.

“State government” means the government of any State established under the provi-

2. Short title and savings

Loans Act shall be deemed instead to have been validly given under the provisions of this Act.

INTERNAL LOANS (REHABILITATION, RECONSTRUCTION AND DEVELOPMENT) ACT