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Loans (Internal Borrowing) Act, 1958 🇳🇬


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Loans (Internal Borrowing) Act, 1958

  • Commenced
  • [This is the version of this document at 8 February 2022.]

1. Short Title

This Act may be cited as the Loan (Internal Borrowing) Act.

2. Authority To Raise Loan In Nigeria

(1)The President is hereby authorised to raise a loan or loans in Nigeria not exceeding in the aggregate the sum of sixty million naira and such further sum or sums as may be necessary to defray expenses in connection with the raising thereof.
(2)Such loan or loans shall be raised in any manner provided by the Government Promissory Notes Act or by the Local Loans (Registered Stock and Securities) Act, and references in the latter Act to the general revenue and assets of Nigeria shall be construed as references to the general revenue and assets of the Federal Republic of Nigeria.

3. 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 appropr…

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