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Laws of the Federation Preview 18 min read

Treasury Bills Act

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TREASURY BILLS ACT

Arrangement of Sections

1. Short title.

2. Interpretation.

3. Authority for Central Bank to issue treasury bills.

4. Authority for Minister to issue certain bills.

5. Charge.

6. Proceeds.

7. Power to lend proceeds. Expenses.

8. Amounts and currency of bills.

9. Authority.

10. Regulations.

TREASURY BILLS ACT

An Act to authorise the borrowing of money for the purposes of the Federation by the issue of treasury bills in Nigeria.

[19th March, 1959] [Commencement.]

1. Short title

This Act may be cited as the Treasury Bills Act.

2. Interpretation

In this Act, "Minister" means the Minister charged with responsibility for matters relating to finance.

3. Authority for Central Bank to issue treasury bills

(1) The Minister is hereby authorised to borrow by the issue in Nigeria of Federal Government treasury bills, and the Central Bank of Nigeria, when authorised in writing by the Minister, may for that purpose issue in Nigeria, within the terms of the authority and subject to any direction given by the Minister, such Federal Government treasury bills together with such further treasury bills as shall be required to payoff at maturity treasury bills already lawfully issued.
(2) The principal sums represented by any treasury bills outstanding at anyone time under the provisions of this section shall not exceed one hundred and fifty per cent of the estimated revenue retained by the Federal Government and gross revenues of the States during the year then current.

4. Authority for Minister to issue certain bills

Notwithstanding the provisions of subsection (2) of section 3 of this Act, the Minister may authorise the Central Bank of Nigeria to issue additional Federal Government treasury
bills for such amounts as may be required to finance the cost of manufacture, shipment, transportation and insurance of Nigeria currency notes and coins in accordance with the Central Bank of Nigeria Act.

5. Charge

The principal sums represented by any treasury bills issued under the provisions of this Act and any interest thereon are hereby charged upon and shall be payable out of the Consolidated Revenue Fund of the Federation.

6. Proceeds

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