INTERNAL LOANS ACT

ARRANGEMENT OF SECTIONS

SECTION

1. Power to raise loans in Nigeria for development.
2. Short title.

INTERNAL LOANS ACT

An Act to authorise the raising of development loans in Nigeria and for purposes connected therewith.

[1962 No. 10.]

[12th May, 1962]

[Commencement.]

1. Power to raise loans in Nigeria for development

(1) The Minister of the Government of the Federation charged with responsibility for finance may, in any manner authorised by the Local Loans (Registered Stocks and Secu-
rities) Act or the Government Promissory Notes Act, raise loans in Nigeria, the proceeds of which after deducting expenses in raising the loans, shall be paid to the Development
Fund mentioned in the Finance (Control and Management) Act, and, notwithstanding the provisions of that Act relating to the purposes for which the fund may be used, but subject to the other provisions of that Act, shall be applied for both or either of the following purposes, that is to say −

[Cap. L17. Cap. G4. 1968 No. 10. Cap. F26.]

(a)       the purposes of the development programme; and

(b)       for the making of loans to the governments of the States on such terms as may  be approved by the said Minister.

(2) No loan shall be made to the government of a State by virtue of subsection (1) of this section unless there is in force a law made by the House of Assembly of the State
authorising that government to raise loans from the Government of the Federation and providing that the loans shall not be used otherwise than for the purposes of a develop-
ment plan approved by that House of Assembly.

(3) In this section, “the development programme” means the Development Programme, 1962 to 1968, of the Government of the Federation set out in Sessional
Paper No. 1 of 1962, with such modifications (either by way of addition, deletions or alterations) as may from time to time be set out in any subsequent Sessional Paper relat-
ing to the programme.

2. Short title

This Act may be cited as the Internal Loans Act.

INTERNAL LOANS ACT

SUBSIDIARY LEGISLATION

                                                   No Subsidiary Legislation