Loan Act

Arrangement of Sections

1. Short title.

2. Interpretation.

3. Authority to raise loan.

4. Application of loan.

5. Repeal.

LOAN ACT

An Act to authorise the raising outside Nigeria of a loan or loans not exceeding eighty million naira for purposes in connection with the Economic Programmes and Development Programmes of the Government of the Federation and of other governments in Nigeria and with certain statutory corporations, and to repeal the Loans Act, 1954.

[12th May, 1960] [Commencement. ]

1. Short title

This Act may be cited as the Loans Act.

2. Interpretation

In this Act-

"Federal statutory corporation" means a statutory corporation incorporated directly by a law enacted by the National Assembly or having effect as if it had been so enacted;

"Minister" means the Minister for the time being charged with responsibility for matters relating to finance.

3. Authority to raise loan

(a) the General Loan and Stock Act; or

(b) the Government Promissory Notes Act

4. Application of loan

The sums raised under the provisions of this Act, shall, save in respect of the amount or amounts necessary to defray the expenses in connection with the raising thereof, be appropriated and applied in respect of the following purposes-

(a) for the Economic Programme of the Government of the Federation as set out in Sessional Paper No. 2 of 1956 and approved by resolution of the House of Representatives on the 15th March 1956, as such may be amended from time to time;

(b) for lending, in accordance with such terms and conditions as may be approved by the Minister, to the Government of any State, if a Law has been enacted by the House of Assembly of that State-