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Loans (State Development) Act, 1960 🇳🇬

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Loans (State Development) Act, 1960

  • Commenced on 8 September 1960
  • [Up to date as at 8 September 1960]
  • [Note: The original publication document is not available and this content could not be verified.]

1. Short Title

This Act may be cited as the Loan (State Development) Act.

2. Power to Raise Loan

The Government of the Federal Republic of Nigeria may from time to time raise a sum orsums of money not exceeding in the whole the sum of three million pounds sterling by means of a loan made by the Secretary of State with the approval of Her Majesty's Treasury in accordance with section 2 of the Colonial Development and Welfare Act, 1959.

3. Application of Loan

The sum or sums raised under the provisions of this Act shall be appropriated and applied or lending, in accordance with such terms and conditions as may be approved by the Minister of the Government of the Federation charged with responsibility for matters relating to finance and economic development to the Government of any State, if a law h…

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