Treasury Certificates Act

An Act to authorise the Central Bank to issue Treasury Certificates and matters ancillary thereto .

[1968 No. 40.]

[6 th August, 1968]

[Commencernent.]

Authority for Central Bank to issue Treasury Certificates

Government Treasury Certificates, and the Central Bank of Nigeria, when authorised in

writing by the Minister, may for the purpose issue in Nigeria, within the terms of the

authority and subject to any direction given by him, such Federal Government Treasury

Certificates together with such further Treasury Certificates as shall be required to pay

off at maturity Treasury Certificates already lawfully issued.

one time under the provisions of this section shall not exceed fifty per cent of the estimated

revenue of the Federal Government during the year then current.

Charge

The principal sums represented by any Treasury Certificates 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.

Revenue Fund of the Federation.

3. Proceeds

be paid into the Consolidated Revenue Fund.

or any part of such proceeds should be made available by way of loan to a State, the

Minister may issue a warrant for payment in a form approved by him in favour of the

Government of the State, and moneys shall be paid out of the Consolidated Revenue

Fund as directed in the warrant.

Expenses

The expenses necessarily incurred in connection with the issue of Treasury Certificates

under this Act shall be charged to the revenue of the Federation.

Amounts and currency of certificates

be expressed to be in respect of a sum of one thousand naira or a multiple thereof and

shall be payable at par at a date not more than 24 months from the date thereof.