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Savings Bonds and Certificates Act 🇳🇬

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Savings Bonds and Certificates Act

  • Published in Official Gazette supplement no. 50 on 23 June 1962
  • Commenced on 5 June 1962
  • [Up to date as at 31 December 2002]
An Act to authorise the raising of loans in Nigeria by the issue of certain securities through the Post Office; and for purposes connected with the matter aforesaid. [1962 No. 18.]

1. Power to raise loans in Nigeria by the issue of securities through the Post Office

(1)With a view to providing further facilities for the investment of small savings, the Minister of the government of the Federation responsible for finance may, subject to the provisions of this Act, raise loans in Nigeria for the purposes of the development programme, not exceeding in the aggregate the sum of N20,000,00 or such larger sum as the Minister may by order specify.
(2)Any loan raised by virtue of this Act, and any payment falling to be made in respect of such a loan, shall be secured on the revenues and assets of the Federation as required by the Constitution …

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