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External Loan (Rehabilitation, Reconstruction and Development) Act 🇳🇬

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External Loan (Rehabilitation, Reconstruction and Development) Act

  • Published in Official Gazette supplement no. 38 on 25 June 1970
  • Assented to on 23 June 1970
  • Commenced on 12 January 1969
  • [Up to date as at 31 December 2002]
An Act to authorise the raisingof loans abroad for the rehabilitation project.

1. Power to raise loans abroad for rehabilitation, etc., project

(1)The Minister may, in any manner authorised by the General Loan and Stock Act or the Government Promissory Notes Act, or in any other manner authorised (whether generally or in respect of any particular loan) by the President, raise loans outside Nigeria not exceeding in the aggregate-(a)the sum of five billion naira; and(b)such further sums as may be necessary to defray any expenses incurred in connection with the raising of the loans.
(2)The proceeds of any loan raised by virtue of paragraph (a) of subsection (1) of this section shall be paid to the development fund mentioned in the Finance (Control and Management) Act, and, no…

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